Equities in Toronto edged lower on Tuesday after five straight days of gains that took it to a fresh all-time high the day before, with financials trimming some recent gains ahead of testimony from U.S. Federal Reserve Chair Janet Yellen.
The S&P/TSX Composite erased 34.12 points from Monday’s all-time high to 15,722.46
The Canadian dollar eked up 0.01 cents at 76.52 cents U.S.
TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported better-than-expected quarterly results as the exchange operator reaped benefits from cost cuts.
TMX shares climbed $1.73, or 2.4%, to $73.00.
CIBC cut the target price on DHX Media to $7.50 from $8.00. DHX shares fell 29 cents, or 4.6%, to $5.97.
CIBC raised the target price on Power Corporation of Canada to $34.00 from $33.00. Power shares gave up three cents to $31.47.
Canaccord Genuity cut the target price on RDM Corp. to $5.50 from $6.00. RDM shares were up a cent to $5.44.
ON BAYSTREET
The TSX Venture Exchange moved forward 2.36 points to 839.60
All but three of the 12 subgroups were lower to begin the session, as utilities slipped 0.6%, while materials and industrials lost 0.3% each.
The two gainers were health-care, up 0.8%, and consumer discretionaries, inching up 0.1%. Gold stocks were unchanged.
ON WALLSTREET
U.S. equities traded slightly lower Tuesday as investors digested testimony from the top Federal Reserve official.
The Dow Jones Industrials added 12.81 points to Monday’s all-time high to 20,424.97
The S&P 500 settled 1.37 points to 2,326.88, with real estate lagging.
The NASDAQ dropped 2.13 points to 5,761.83
Fed Chair Janet Yellen said in prepared remarks that waiting too long to raise interest rates would be "unwise," given the rise in inflation and economic growth. Tuesday also marked the first time Yellen testifies following President Donald Trump's election.
The NFIB small business index, which measures small-business confidence, hit 105.9, the best read since December 2004.
Prices for the benchmark 10-year Treasury note faded, raising yields to 2.48% from Friday’s 2.43%. Treasury prices and yields move in opposite directions.
Oil prices regained 54 cents to $53.47 U.S. a barrel
Gold prices gained $1.50 to $1,227.30 U.S. an ounce.
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