Equities in Canada’s largest market slipped on Tuesday as energy and financial stocks fell, while the overall dip was offset by gains among gold miners and other materials stocks.
The S&P/TSX Composite slid 8.97 points to open Tuesday at 14,914.04,
The Canadian dollar waned 0.36 cents to 74.95 cents U.S.
European Parliament President Martin Schulz told German radio on Tuesday that he did not expect a free trade deal between the European Union and Canada to be signed this week.
Bank of Canada Governor Stephen Poloz said Monday a further easing from the central bank would bring it closer to unconventional monetary policy and the decision on whether to cut rates again is not one to take lightly.
BofA Merrill raised the rating on Bombardier to buy from underperform. Bombardier shares gave back a cent to $1.78.
Canaccord Genuity raised the rating on Detour Gold to buy from hold. Detour shares gained 20 cents to $26.01
Canaccord Genuity has removed Agnico Eagle Mines from its focus list. Agnico shares tacked on 26 cents to $64.81.
ON BAYSTREET
The TSX Venture Exchange faded 0.16 points to 785.98
Eight of the 12 TSX subgroups were lower as consumer discretionary stocks slumped 0.4%, while utilities and industrials each fell 0.3%.
The four gainers were lifted by materials, up 0.9%, gold up 0.6%, and information technology, eking up 0.1%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Tuesday as one of the busiest days of the earnings season got underway.
The Dow Jones Industrials emerged positive 11.91 to begin Tuesday’s session at 18,223.03, with Procter & Gamble contributing the most gains, 3M the biggest loser.
The S&P 500 let go of 0.91 points to 2,150.42, with consumer discretionary leading decliners and energy gaining about 1% to lead advancers.
The NASDAQ composite index slipped 3.77 points to 5,306.06
More than 90 companies were scheduled to post quarterly results on Tuesday. Dow components 3M, Caterpillar and DuPont reported earnings before the bell. Caterpillar and 3M posted mixed results, as both beat estimates on the bottom line, while missing on revenues.
Caterpillar also lowered its 2016 earnings per share guidance.
Under Armour shares fell more than 10% despite posting better-than-expected results. DuPont shares fell slightly after briefly trading higher.
Tech giant Apple is scheduled to report quarterly results Tuesday after the bell.
In economic news, consumer confidence hit 98.6, with economists polled by Reuters expecting confidence to hit 101.5. Meanwhile, U.S. home prices rose slightly in August from July, with the S&P CoreLogic Case-Shiller 20-City Composite index gaining 5.1% year over year.
Prices for the 10-year Treasury gained slightly, lowering yields 1.76% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices sank one cent to $50.51 U.S. a barrel
Gold prices climbed $6.40 to $1,270.10 U.S. an ounce.
