Equities in Canada’s largest centre fell at the open on Tuesday, hurt by a drop in the tech sector.
The S&P/TSX Composite lost 16.08 points out of the starting blocks Tuesday to 16,479.01.
The Canadian dollar retreated 0.04 cents to 75.90 cents U.S.
Shopify said on Monday it would buy warehouse technology provider 6 River Systems Inc for about $450 million, as it looks to accelerate growth of its fulfillment network. Shopify began Tuesday down $13.08, or 2.8%, to $458.97.
Suncor Energy will invest $1.4 billion to install two cogeneration units at its Oil Sands Base Plant, reducing greenhouse gas emissions by 25%. Suncor shares gained 34 cents to $39.69.
Northland Power said on Monday it would buy most of Colombian utility Empresa de Energia de Boyaca in a deal valued at $1.05 billion, including debt. Northland docked 83 cents, or 3.3%, to $24.29.
CIBC raised the target price on Enghouse Systems to $43.00 from $41.50, Enghouse shares backtracked 42 cents, or 1.1%, to $38.36.
Scotiabank raised the target price on Torex Gold Resources to $23.00 from $19.00. Torex acquired 31 cents, or 1.7%, to $18.56.
Citigroup cut the target price on Toronto-Dominion Bank to $82.00 from $90.00. TD grabbed 22 cents to $73.41.
On the economic slate, Statistics Canada reported the number of building permits issued by Canadian municipalities rose 3.0% to $8.3 billion in July, largely due to increases in multi-family and commercial permits in July.
Elsewhere, Canada Mortgage and Housing Corporation reported that the trend in housing starts was 218,998 units in August 2019, compared to 208,931 units in July 2019.
ON BAYSTREET
The TSX Venture Exchange eased back 0.45 points to 583.26
All but three of the 12 Toronto subgroups began Tuesday lower, as information technology subsided 1.4%, consumer discretionary gave back 1%, and utilities sank 0.8%.
The three gainers were energy, up 1.3%, financial, up 0.3%, and materials, ahead 0.2%.
ON WALLSTREET
Stocks fell on Tuesday, weighed down by a continuing decline in tech shares while Ford was pressured by a downgrade to its credit rating.
The Dow Jones Industrial Average ducked 75.91 points to kick off Tuesday at 26,759.60
The S&P 500 lopped off 18.05 points to 2,960.38
The NASDAQ Composite subtracted 69.51 points to 8,017.93
Shares of Facebook, Amazon, Netflix and Alphabet all fell at least 0.4%.
Ford Motor was the biggest decliner in the S&P 500 on Tuesday, dropping 3.5%. The stock fell after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
Huawei dropped Tuesday one of its lawsuits against the U.S., after some equipment seized by Washington nearly two years ago was returned to the company.
Huawei’s lawsuit drop is the latest sign that tensions between the U.S. and China are easing ahead of a meeting scheduled for Oct. 1. The world’s largest economies have been engaged in a trade war since last year. Over that time, they have slapped tariffs on billions of dollars worth of their goods.
On the data front, a new U.S. Job Openings and Labor Turnover Survey (JOLTS) was due for release this morning.
Prices for the benchmark 10-year U.S. Treasury sank, boosting yields however slightly to 1.65% from Monday’s 1.64%. Treasury prices and yields move in opposite directions
Oil prices picked up 47 cents to $58.32 U.S. a barrel.
Gold prices dipped $5.50 to $1,505.60 U.S. an ounce.
