Canada's main stock index was muted on Tuesday as gains in technology and materials stocks offset weakness across broader sectors, while investors assessed domestic economic data.
The TSX slumped 135.84 points to near noon Tuesday at 35,354.02.
The Canadian dollar edged higher 0.08 cents to 70.46 cents.
The energy sector will be closely watched later in the day as the Canada Energy Regulator approved Trans Mountain's tolls settlement, allowing up to 90% of the pipeline's capacity to be contracted to shippers
Shell and its partners approved LNG Canada Phase 2, a major expansion that will double the facility's production capacity to 28 million tons per annum
In major corporate news, Cleveland-Cliffs plans to lay off hundreds of workers at its Ontario plant, citing the impact of U.S. steel tariffs.
WSP Global fell $6.49, or 3.6%, to $175.22, after at least three brokerages trimmed their price targets on the Canadian engineering firm's stock
On the economic slate, Statistics Canada reports GDP was essentially unchanged in July, following three consecutive months of expansion.
ON BAYSTREET
The TSX Venture Exchange subtracted 0.45 points, to 893.79.
All but three of the 12 subgroups were lower by midday Tuesday, with telecoms stumbling 1.7%, health-care ailing 1%, and financials, off 0.8%.
The three gainers proved to be information technology, better by 1%, gold up 0.4%, and materials, edging higher 0.1%.
ON WALLSTREET
Stocks fell on Tuesday, weighed down by another rise in Treasury yield to fresh multi-year highs.
The Dow Jones Industrials weakened 258.77 points to 51,222.74
The S&P 500 index moved lower 15.59 points to 7,668.10.
The NASDAQ Composite waned 12.33 points to 26,808.05.
Bank stocks led the way lower. Goldman Sachs slid around 1%. JPMorgan Chase, Morgan Stanley and Bank of America also declined.
The combination of higher oil and yields has put pressure on stocks of late. The Dow fell more than 300 points on Monday, while the S&P 500 retreated 0.8% and NASDAQ Composite shed 0.9%.
Shares of Chinese electric vehicle company XPeng fell 4.2% Tuesday, reaching a 52-week low of $9.51, after JPMorgan downgraded the stock to neutral from overweight.
The Conference board consumer confidence index fell 6.7 points to 81.9 in September, while economists polled by Dow Jones expected an increase to 89 from 88.6 in August.
Prices for the 10-year Treasury regained lost ground, propelling yields to 5.27% from Monday’s 5.23%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.12 to $91.48 U.S. a barrel.
Gold prices were higher by $18.30 to $4,186.70 U.S. an ounce.
Related Stories
