Equity markets in Canada’s largest centre fell in early trade on Tuesday, weighed by losses among base metal miners as the price of copper hit a one-month low, while gold miner Pretium Resources Inc fell sharply after providing 2018 guidance.
The S&P/TSX Composite Index ditched 39.98 points to begin Tuesday at 16,308
The Canadian dollar doffed 0.11 cents at 80.18 cents U.S.
A trade group representing U.S. auto parts makers on Monday urged the Trump administration to adopt North American Free Trade Agreement automotive rules that cover research, engineering, design and software development work as part of North American regional value content goals.
Pretium shares took a dive of $2.67, or 19.9%, to $10.75.
Canaccord Genuity raised the price target on Alimentation Couche-Tard to $75.00 from $74.00. Couche-Tard shares advanced 22 cents to $66.70.
CIBC cut the price target on Western Energy Services to $2.50 from $2.75. Western Energy shares dropped a penny to $1.34.
ON BAYSTREET
The TSX Venture Exchange fell 2.15 points to 896.43
Eight of the 12 TSX subgroups began the day lower, as health-care shed 1.4%, materials lost 0.8%, and telecoms fell 0.6%.
The four gainers were led by consumer staples, ahead 0.5%, energy, up 0.4%, and information technology, better by 0.2%.
ON WALLSTREET
The NASDAQ composite traded at a record high on Tuesday after Netflix shares surged on stronger-than-expected subscriber growth.
The Dow Jones Industrials dwindled 36.61 points from Monday’s record high to begin trading Tuesday at 26,177.99
The S&P 500 improved 1.43 points to 2,834.40,
The NASDAQ added 29.86 points to 7,437.90. The video streaming giant said Monday after the close that total net adds reached 8.33 million, well above estimates of 6.39 million. Netflix's stock surged 10.8%, lifting the company's market cap above $100 billion for the first time.
Dow components Johnson & Johnson, Procter & Gamble and Travelers Cos. all reported better-than-expected earnings and revenue on Tuesday.
Verizon, another Dow component, posted a profit that missed expectations, while sales surpassed analyst estimates.
The calendar fourth-quarter earnings season is off to a good start. As of Tuesday, 72% of the S&P 500 companies that had reported surpassed earnings expectations, while 80% of those companies had beaten sales estimates
Prices for the benchmark 10-year Treasury note jumped, lowering yields to 2.62% from Monday’s 2.66%. Treasury prices and yields move in opposite directions.
Oil prices gained 67 cents a barrel to $64.24 U.S.
Gold prices moved upwards $1.40 to $1,334.30 U.S. an ounce.
