Equities in Canada’s largest market settled by the close Tuesday, weighed down by tech and resource issues, as suspense continued to hover over the markets with the Middle East situation.
The TSX Composite Index lost 233.85 points to close Tuesday at 33,584.34.
The Canadian dollar plunged 0.34 cents at 73.07 cents U.S.
Among miners, AbraSilver Resources failed $1.17, or 6.7%, to $16.23. Lithium Americas dived 43 cents, or 6%, to $6.72, and NovaGold Resources fell 65 cents, or 5.5%, to $11.08, tracking lower gold and silver prices.
Barrick Mining fell $1.91, or 3.4%, to $53.56, after the miner named Wessel Hamman as CFO of the new company that will hold Barrick's North American assets after its IPO.
Among tech issues, Celestica took a pounding, $83.53, or 14.5%, to $493.23, while Dye & Durham retreated 18 cents, or 4.8%, to $3.59.
Telus gained 27 cents, or 1.6%, to $16.85, while Quebecor picked up 49 cents to $56.47.
Investors also awaited the monetary policy decision by the Bank ?of Canada and the U.S. Federal Reserve on Wednesday.
Money markets are pricing in no change to the policy rate by BoC this week and at least one quarter-point hike by ?the end of 2026.
ON BAYSTREET
The TSX Venture Exchange slid 24.53 points, or 2.4%, to 995.76.
Still, seven of the 12 TSX subgroups made their way into positive country by the closing bell, led by energy, ahead 2.4%, while telecoms and
health-care stocks each gained 0.6%.
The five laggards were weighed by information technology, descending 4.5%, gold, down 4.3%, and materials, off 3.9%.
ON WALLSTREET
The S&P 500 and NASDAQ fell on Tuesday, weighed down by a report that pointed to weakness in OpenAI as well as a rise in oil prices.
The Dow Jones Industrial Average finished in negative territory 31.64 points to 49,136.15, though losses were kept in check by a more than 3% gain in shares of Coca-Cola after the company reported better-than-expected earnings.
The much broader index lost 35.13 points to 7,138.78.
The tech-driven NASDAQ plummeted 223.30 points to 24,663.80.
OpenAI recently saw revenue and new users growth that were below its own targets, according to a Wall Street Journal report. The report added that CFO Sarah Friar told leadership she was concerned OpenAI may not be able to pay computing contracts in the future if its top line doesn’t expand fast enough.
Chip stocks dropped on the report, with Nvidia losing more than 1%, while Broadcom pulled back more than 4%. Advanced Micro Devices and Intel were down 3% and 1%, respectively, while Oracle declined more than 3%.
Tuesday’s moves come after the S&P 500 and NASDAQ hit record highs on Monday. The market’s gains were kept in check as peace talks between the U.S. and Iran appeared to come to a standstill.
The news comes during a major earnings week for the stock market, with five of the “Magnificent Seven” tech titans slated to report.
Alphabet, Amazon, Meta Platforms and Microsoft are due Wednesday, while Apple’s results are set for Thursday.
Prices for the 10-year Treasury turned lower, pushing yields up to 4.35% from Monday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices increased $3.50 to $99.87 U.S. a barrel.
Gold prices gave up $80.30 to $4,613.40 U.S. an ounce.
