Indices Canada’s largest market had trouble gaining traction on Tuesday, despite support from firmer oil prices on massive production cuts in the U.S. Gulf Coast as tropical storm Laura was forecast to become a major hurricane.
The TSX gave back 2.67 points to begin Tuesday’s session at 16,623.97.
The Canadian dollar ditched 0.26 cents to 75.60 cents U.S.
CIBC raised the target price on Norbord to $58.00 from $50.00. Norbord shares let go of three cents to $46.55.
CIBC raises target price on Stella-Jones to $50.00 from $48.00. Stella-Jones shares gave back 34 cents to $46.26.
CIBC raises target price on West Fraser Timber to $89.00 from $75.00. West Fraser shares lost 77 cents, or 1%, to $72.95.
ON BAYSTREET
The TSX Venture Exchange hesitated 0.88 points to 722.84.
All but three of the 12 TSX subgroups lost ground in the first hour, with gold trailing 1%, materials down 0.9%, and health-care off 0.4%.
The three gainers were energy, financials and information technology, each up 0.4%.
ON WALLSTREET
The S&P 500 rose – barely -- on Tuesday, hitting another record high after China and the U.S. resumed trade talks.
The Dow Jones Industrials dropped 43.46 points to kick off Tuesday’s session at 28,265.
The S&P 500 inched up 2.14 points to 3,433.42, yet another all-time high.
The NASDAQ Composite subtracted 2.03 points from Monday’s all-time peak, at 11,377.68.
After the bell, S&P Dow Jones Indices said Salesforce.com will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies in the Dow average. The changes are driven by Apple’s coming stock split, which will reduce the technology weighting in the price-weighted average.
Salesforce, Amgen and Honeywell gained in premarket trading while Exxon Mobil, Pfizer and Raytheon declined. Exxon has been a part of the average for nearly 100 years.
Traders also looked ahead to key data releases, including the latest figures on consumer confidence and new home sales, which were both set for release on Tuesday.
In a statement, the Office of the U.S. Trade Representative said that both sided “progress and are committed to taking the steps necessary to ensure the success of the” phase one trade deal.
The two countries also "addressed steps that China has taken to effectuate structural changes called for by the Agreement that will ensure greater protection for intellectual property rights," the statement said.
Prices for the 10-Year Treasury sagged, raising yields to 0.69% from Monday’s 0.65%. Treasury prices and yields move in opposite directions.
Oil prices acquired 56 cents to $43.18 U.S. a barrel.
Gold prices tumbled $9.80 to $1,929.40 U.S. an ounce.
