Equities in Toronto dipped on Tuesday after five straight days of gains that took them to an all-time high, as the materials group lost ground and investors weighed testimony from U.S. Federal Reserve Chair Janet Yellen.
The S&P/TSX Composite tailed off 6.74 points from Monday’s all-time high to greet noon at 15,749.84
The Canadian dollar slipped 0.17 cents at 76.34 cents U.S.
Financials rose, led by a 0.9% gain for Manulife Financial Corp to $24.90.
But the materials group, which includes precious and base metals miners and fertilizer companies, lost ground, as Teck Resources fell 2.5% to $32.48 as copper pared some recent gains, while Goldcorp retreated 1.5% to $21.59.
TMX Group Ltd gained 2.4% to $73.00 after the company that runs the TSX reported better-than-expected fourth-quarter results, and its chief executive officer expressed optimism about the initial public offering pipeline.
Cameco Corp climbed 3.1% to $15.82. BMO raised its rating and price target on the stock.
Yellen said the Fed will probably need to raise interest rates at an upcoming meeting, although she mentioned considerable uncertainty over economic policy under the Trump administration.
ON BAYSTREET
The TSX Venture Exchange stumbled 5.19 points to 832.05
Eight of the 12 subgroups were lower midday, as utilities capsized 1%, while materials and gold each lost 0.6%.
The four gainers were led by health-care, up 0.6%, consumer discretionaries, inching up 0.4%, and financials, better by 0.3%.
ON WALLSTREET
U.S. equities traded mixed Tuesday, with real estate and utilities falling 1%, as investors digested testimony from the top Federal Reserve official.
The Dow Jones Industrials nicked up 2.13 points from Monday’s all-time high to 20,414.29, with Caterpillar contributing the most losses and Goldman Sachs the most gains.
The S&P 500 settled 1.94 points to 2,326.88, with real estate and utilities lagging
The NASDAQ dropped 4.05 points to 5,759.91
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.
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 2.49% from Friday’s 2.43%. Treasury prices and yields move in opposite directions.
Oil prices gained 38 cents to $53.31 U.S. a barrel
Gold prices gained 60 cents to $1,226.40 U.S. an ounce.
