Canada's main stock index opened lower on Tuesday as shares of energy companies fell after oil prices hit a three-month low.
The S&P/TSX Composite Index lost 37.10 points to start Tuesday at 16,457.63
The Canadian dollar dipped 0.25 at 75.88 cents U.S.
Lundin Mining said on Monday it plans to make an offer to buy Nevsun Resources for $1.4 billion.
Lundin shares slipped six cents to $7.42, while Nevsun galloped 59 cents, or 14%, to $4.80.
Eight Capital raised the rating on Azarga Uranium to buy from neutral. Azarga shares were static at 23 cents.
IA Securities started coverage on Rubicon Minerals with a buy rating, and $2.60 price target. Rubicon shares gained two cents, or 1.6%, to $1.29.
RBC raised the rating on West Fraser Timber to outperform from sector perform. West Fraser shares added $1.60, or 1.7%, to $95.09.
On the economic scene, Statistics Canada reported that manufacturing sales in this country increased 1.4% to $57.1 billion in May, led by the chemical, machinery, and wood product industries.
ON BAYSTREET
The TSX Venture Exchange dropped 3.15 points to 712.48.
Seven of the 12 TSX subgroups were lower in the first hour, as health-care descended 0.8%, while information technology and energy each fell 0.5%.
The four gainers were led by real-estate, gold and consumer discretionary stocks, each up 0.3%. Utilities were unchanged to begin the session.
ON WALLSTREET
Technology stocks fell on Tuesday, led by Netflix and Amazon, dragging the broader market lower as more corporations released their latest quarterly results.
The Dow Jones Industrials lost 49.45 points to begin Tuesday at 25,014.91
The S&P 500 dipped three points to 2,795.43
The NASDAQ fell 14.34 points to 7,791.38
Netflix plunged more than 13% after reporting weaker-than-expected subscriber growth. The streaming giant said Monday afternoon that domestic subscribers grew by 670,000 in the previous quarter, while international additions rose by 4.5 million. Analysts expected domestic gains of 1.23 million and 5.11 million new international subscribers
The other FANG members also fell in Tuesday trading. Shares of Facebook were down 0.8%. Amazon shares also fell nearly 1% amid glitches during the start of the company's annual Prime Day. Google-parent Alphabet fell 0.7%.
Tech is the best-performing sector in the market this year, rising nearly 15% through Monday’s close. Also, just a handful of tech shares are responsible for more than 80% of the S&P 500's gains this year.
Earnings season continued before the bell Tuesday with Goldman Sachs reporting better-than-expected earnings. Goldman Sachs also announced that David Solomon will take over the CEO role from Lloyd Blankfein on Oct. 1.
Johnson & Johnson and UnitedHealth also reported better-than-expected earnings, while Charles Schwab jumped 3.2% and stronger-than-forecast results. Johnson & Johnson shares rose 2.4%, keeping the price-weighted Dow's decline in check.
Prices for the benchmark for the 10-year U.S. Treasury were unchanged, keeping yields at Monday’s 2.86%.
Oil prices fell 58 cents to $67.48 U.S. a barrel.
Gold prices gave back $5.80 at $1,233.90 U.S. an ounce.
