Canada's main stock index fell on Tuesday, with utilities and industrial stocks leading declines, while investors awaited comments by central bank policy makers both at home and abroad to gauge where they stand on further monetary policy tightening.
The TSX opened Tuesday down 69.46 points to 20,559.46.
The Canadian dollar lost 0.11 cents at 74.27 cents U.S.
In company news, a U.S. judge on Monday ordered regulators to reconsider part of the permit approving Lithium Americas Corp's Thacker Pass lithium mine project in Nevada, while rejecting claims that the project would cause unnecessary harm to the environment or wildlife. Lithium Americas stock vaulted $$2.95, or 9.4%, to $34.51.
In earnings, TMX Group reported better-than-expected fourth-quarter profits, but missed market expectations on revenue. TMX shares retreated 44 cents to $130.73.
TFI International reported its fourth-quarter results, with both earnings and revenue falling below market expectations. TFII shares jumped $3.63, or 2.3%, to $160.09.
On the economic calendar, Statistics Canada reported, in December, Canada's merchandise exports decreased 1.2%, while imports were down 1.3%. As a result, Canada's merchandise trade deficit with the world narrowed from $219 million in November to $160 million in December.
ON BAYSTREET
The TSX Venture Exchange gained 4.49 points, or 1.1%, to 618.09.
All but three of the 12 subgroups were lower in the first hour, with health-care sliding 1.6%, while information technology and real-estate each plunged 1%.
The three gainers proved to be energy, ahead 0.3%, while materials and gold each acquired 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday as investors waited for the latest remarks from Federal Reserve Chairman Jerome Powell.
The 30-stock index dropped 131.21 points at 33,759.81.
The S&P 500 dipped 10.18 points to 4,100.90.
The NASDAQ Composite faltered 2.95 points to 11,884.50.
A speech from Powell at the Economic Club of Washington scheduled for Tuesday afternoon remains top of mind for investors. Market participants view the appearance as an opportunity for Powell to offer more clarity on where rates are headed, or clarify some comments made after last week’s 25 basis point interest rate hike.
Earnings season presses on Tuesday with results from companies such as Chipotle. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations.
Hertz and DuPont each advanced more than 6% on the back earnings that came in above Wall Street expectations. Royal Caribbean added nearly 9% after posting a smaller per-share loss in earnings than expected, while revenue came in slightly under the consensus estimate from analysts polled by Refinitiv. Pinterest and Chegg continued sliding in Tuesday’s session after reporting earnings on Monday.
Prices for the 10-year Treasury eked up, lowering yields to 3.64% from Monday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.13 to $75.24 U.S. a barrel.
Gold prices hiked $4.30 to $1,883.80 U.S. an ounce.
