Equities in Canada’s biggest market slipped in early trade on Tuesday as natural resource stocks weighed, while Shaw Communications Inc jumped after selling its data center business and buying wireless airwaves.
The S&P/TSX Composite Index lost 35.77 points to open Tuesday at 15,348.03
The Canadian dollar climbed 0.5 cents to 75.58 cents U.S.
Shaw shares hiked $1.15, or 4%, to $29.79.
Hudson's Bay Co could face investor pressure to monetize a portion of its $10-billion-plus global real estate portfolio at the Canadian retailer's annual shareholder meeting on Tuesday amid skepticism that last week's restructuring plans aimed at saving $350 million will be insufficient to battle a tough real estate market.
Bay shares faded four cents to $8.71.
Two miners are missing after a small silver and gold mine owned by Mandalay Resources Corp was flooded, adding that authorities are working with technical experts to see if the men have survived and can be rescued.
Mandalay shares nosed up half a cent, or 1%, to 49 cents.
National Bank of Canada cut the target price on Medical Facilities Corp. to $16.50 from $18.00. Medical shares plummeted 82 cents, or 5%, to $15.55.
PI Financial raised the target price on Yangarra Resources to $4.50 from $3.75. Yangarra shares galloped 17 cents, or 5.2%, to $3.44.
BMO raised the target price on Uni Select to $35.00 from $34.00. Uni Select shares gained 28 cents to $31.49.
ON BAYSTREET
The TSX Venture Exchange picked up 0.15 points to 785.95
All but two of the 12 TSX subgroups were lower to start the session, as gold plummeted 1.4%, materials tumbled 0.9%, and telecoms faded 0.8%.
The two gainers were consumer discretionary, up 0.6%, and information technology, up 0.4%.
ON WALLSTREET
U.S. equities traded higher on Tuesday as large-cap technology stocks tried to come back from their biggest two-day decline since December.
The Dow Jones Industrials climbed 49.04 points at 21,284.71, to hit a record high, with Goldman Sachs and Apple contributing the most gains.
The S&P 500 added 6.56 points to 2,435.95, with information technology climbing 1.1% to lead advancers.
The NASDAQ gained 36.65 points to 6,212.11, as shares of Apple, Nvdia, Google-Parent Alphabet and Tesla pushed the index higher.
A survey of fund managers released Tuesday by Bank of America Merrill Lynch showed the NASDAQ at the top of the most-crowded trade list. The survey also showed that 84% of fund managers believe the U.S. is the most overvalued equity market.
In economic news, the National Federation of Independent Business' small business optimism index came in unchanged at 104.5 for May.
Investors also kept an eye on the Federal Reserve as the central bank kicked off a two-day monetary policy meeting on Tuesday.
Investors largely expect the central bank to raise interest rates by a quarter point. Market expectations for a June rate hike were 99.6%.
Investors will also look for clues about how the U.S. central bank plans to unwind its massive $4.5-trillion balance sheet.
Prices for the benchmark 10-year Treasury note were stationary, keeping at Monday’s 2.21%.
Oil prices dipped 18 cents to $45.90 U.S. a barrel
Gold prices dropped six dollars at $1,262.90 U.S. an ounce.
