Shares in Canada’s largest stock market fell in early trade on Tuesday as lower oil prices weighed on energy stocks.
The S&P/TSX Composite Index let go of 51.13 points to open Tuesday at 15,633.76
The Canadian dollar slipped 0.17 cents at 74.87 cents U.S.
Air Canada has apologized and offered compensation for bumping a 10-year-old off a flight, the boy's father said on Monday, after the Canadian family's story sparked headlines following a high-profile incident involving overbooking by U.S. carrier United Airlines.
Shares in the Maple Leaf airline dropped a penny to $13.30.
Moody’s reported Monday that Bank of Montreal is bundling nearly $2 billion of prime Canadian mortgages into securities. BMO shares faded 23 cents to $98.29.
Barclays raised the rating on ARC Resources to overweight from equal weight. ARC shares added 32 cents, or 1.7%, to $18.97.
RBC raised the target price on Kirkland Lake Gold to $13.00 from $11.00. Kirkland Lake shares gained 18 cents, or 1.7%, to $10.63.
CIBC raised the rating on Trican Well Service to outperform from neutral. Trican shares inched up three cents to $4.32.
In the economic docket, Statistics Canada reported that foreign investment in this country reached a record high $38.8 billion worth of securities in February, led by the issuing of new Canadian shares to non-resident investors.
At the same time, Canadian investors acquired $6.3 billion of foreign securities, mainly U.S. instruments.
ON BAYSTREET
The TSX Venture Exchange regained 0.37 points to 830.07.
All but three of the 12 TSX subgroups were in the red to start things off, with materials sliding 0.7%, health-care and energy doffing 0.6% each.
The three gainers were real-estate, eking up 0.04%, utilities, nicking ahead 0.03%, and consumer discretionary stocks, inching up 0.02%.
ON WALLSTREET
U.S. equities fell on Tuesday after Goldman Sachs shocked Wall Street by missing estimates. Investors also remained vigilant amid U.S.-North Korea tensions and the nearing of the French presidential election.
The Dow Jones Industrials descended 81.19 points to 20,555.73, with Goldman shaving off 60 points.
The S&P 500 sank 4.7 points to 2,344.31, with health-care leading decliners.
The NASDAQ Composite retreated 8.88 points to 5,847.91.
Goldman Sachs reported weaker-than-expected first-quarter results across the board, with trading revenue disappointing analysts.
Last quarter marked the first time since 2015 that Goldman's earnings per share missed analysts' expectations and the first time since the first quarter of last year that sales came below estimates.
Bank of America, meanwhile, reported strong first-quarter results with almost every single metric meeting or topping analyst expectations.
In economic news, housing starts fell 6.8% last month, more than the expected 3.9% decline. Industrial production rose 0.5% last month, in line with expectations.
Investors were still cautious over U.S.-North Korea tensions. Vice President Mike Pence reassured Japan of American commitment to reining in North Korea's nuclear and missile ambitions on Tuesday, after warning that U.S. strikes in Syria and Afghanistan showed the strength of its resolve.
Pence arrived in Tokyo from South Korea, where he assured leaders of an "iron-clad" alliance with the United States in the face of the reclusive North, which has conducted a series of missile and nuclear tests in defiance of U.N. sanctions.
Investors also kept an eye on France, as campaigning ramped up ahead of the first round of the presidential election. Left-wing candidate Jean-Luc Melenchon's surge in polls added to investors' worries as it becomes unclear who will win the contest.
Prices for the benchmark 10-year Treasury note were higher, lowering yields to 2.21% from Monday’s 2.25%. Treasury prices and yields move in opposite directions.
Oil prices inched up eight cents at $52.73 U.S. a barrel
Gold prices dipped $9.50 at $1,282.40 U.S. an ounce.
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