Stock indexes in Canada’s largest market stepped back from Monday’s levels, as losses for stocks including car parts maker Magna International and Tim Hortons owner Restaurant Brands International offset gains for energy and materials stocks.
The S&P/TSX Composite Index slumped 8.25 points Tuesday afternoon to 15,307.77
The Canadian dollar gained 0.36 cents to 75.81 cents U.S.
Magna shares dropped $1.53 to $59.03.
Restaurant Brands fell $1.19 to $81.55.
Elsewhere, New York-based hedge fund Paulson & Co on Monday reported a 6.3% stake in embattled Canadian drug maker Valeant Pharmaceuticals International.
The drug maker’s shares slipped 1 cent to $22.60.
National Bank of Canada started coverage on MEG Energy Corp with a sector perform rating and $4.75 target price. MEG shares improved 18 cents to $4.07.
CIBC cut the rating on Winpak Ltd. to neutral from outperform. Winpak shares tumbled $2.36 to $58.00.
ON BAYSTREET
The TSX Venture Exchange inched down 2.24 points to 769.67.
All but four of the TSX subgroups were lower Tuesday afternoon, with tech stocks off 1.6%, consumer discretionary stocks swooned 1.14%, and gold stock shed 1.01%.
The four gainers were energy up 1.03%, metals ahead 0.86% and consumer staples up 0.34%.
ON WALLSTREET
U.S. stocks fell on Tuesday after Google was hit with a fine from European regulators.
The S&P 500 fell 0.22%, the Dow fell 0.03%, and the Nasdaq declined 0.76%. The Nasdaq also declined on Monday, June 26.
Shares of Google-parent Alphabet fell more than 1% in afternoon trade. The European Union fined Google a record $2.7 billion U.S., as regulators ruled the company violated antitrust rules.
Technology stocks have been closely watched by Wall Street this year as the sector has outperformed. Entering Tuesday's session, the sector had gained nearly 20% so far this year.
Investors also turned their attention to Washington as doubts increased about the Senate passing a bill to repeal and replace Obamacare before the July 4 recess.
In economic news, consumer confidence data for June are due this morning. Wall Street will also be on the lookout for remarks from key Federal Reserve officials, including Fed Chair Janet Yellen.
Prices for the benchmark 10-year Treasury note stumbled, raising yields to 2.19% from Monday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices vaulted 38 cents to $43.76 U.S. a barrel
Gold prices gained $4.60 to $1,251.00 U.S. an ounce.
