Canada's main stock index fell on Tuesday, mirroring losses in global equities, after the United States threatened to slap taxes on European goods and fears of a global economic slowdown resurfaced.
The S&P/TSX Composite Index dumped 92.42 points to begin Tuesday at 16,400.81,
The Canadian dollar was static at 75.11 cents U.S.
Top percentage gainer on the TSX was Bausch Health, which gained 93 cents, or 2.7%, to $35.28, followed by Endeavour Mining, which rose 42 cents, or 2.1%, to $20.22.
WSP Global fell $2.16, or 3%, the most on the TSX, to $70.66, followed by shares of Toromont Industries, down $1.54, or 2.2%, to $68.43
Toronto-based Restaurant Brands International reported that its Burger King subsidiary pulled a promotional video in New Zealand showing customers trying to eat burgers with chopsticks after it sparked an outcry in China and demands for an apology from the fast food chain.
Restaurant Brands shares gave back 72 cents to $87.00
RBC raised the target price on BCE Inc. to $61.00 from $60.00. BCE shares dipped 14 cents to $59.55
Canaccord Genuity raised the rating on Nuvista Energy to "buy" from "hold". Nuvista shares acquired four cents to $4.63.
ON BAYSTREET
The TSX Venture Exchange skinned ahead 0.47 points to 632.76
Eight of the 12 Toronto subgroups started the session pointed downward, as energy sputtered 1%, while financials and consumer discretionary stocks each gave back 0.8%.
The four gainers were led by gold, better by 0.3%, while information technology and consumer staples each eked up 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell for a second straight day Tuesday as investors awaited the start of corporate earnings season later this week.
The 30-stock index jettisoned 194.81 points to begin the session at 26,146.21, Boeing stock came under pressure again on concerns about 737 Max jet production delays.
The S&P 500 settled 14.09 points at 2,881.68, led by losses in industrials, energy and financial companies.
The NASDAQ Composite dropped 16.86 points to 7,937.13
Market focus is centered on corporate earnings results, with major U.S. banks set to kick off the first-quarter earnings season later in the week. J.P. Morgan Chase and Wells Fargo are both poised to report their latest figures on Friday, while Citigroup and BlackRock are scheduled to publish their results next week.
Bank of America, which will also report earnings next week, said Tuesday that it's raising its minimum wage for its employees to $20 an hour. The minimum wage at the company will be raised to $17 effective May 1 and will increase in increments over the next two years.
Bank of America and most financials fell on Tuesday.
Wall Street expectations for this earnings season imply a significant reduction to corporate profit growth in comparison to recent quarters.
Investors anticipate first-quarter S&P 500 earnings growth to slip 4.3% on a year-over-year basis. If that forecast proves accurate, it would be the first profit contraction for the S&P 500 since the second quarter of 2016. S&P 500 revenues are expected to grow just under 5%.
On the positive side, Apple shares gained 1%, putting them on track for its 10th straight day of gains. If the stock closes in positive territory Tuesday, it will be Apple's first 10-day win streak since 2010.
American aircraft giant Boeing dropped 1.3% Tuesday as investor angst over its decision on Friday to cut production of its 737 Max jets kept pressure on the stock. Regulators and stakeholders alike are scrutinizing the company in light of two recent fatal 737 Max crashes.
Wall Street short seller Carson Block believes the crashes show that the company is more concerned with short-term profits than anything else.
The prolonged grounding of the 737 Max planes forced American Airlines on Tuesday to lower its revenues guidance for the first fiscal quarter. The airline cut its total expected revenue per seat mile, a key industry measure of performance, to a range of flat to 1%, down from a prior estimate of flat to 2%.
Though American Airlines stock fell 3.4% Tuesday, selling in major industrials names wasn't confined to the aerospace industry.
Disney shares rose 1% Tuesday after brokerage Cowen upgraded the Dow component and told clients that its film pipeline should boost profits over the next few years.
Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 2.5% from Monday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices lost 34 cents to $64.06 U.S. a barrel.
Gold prices spiked $6.10 to $1,308.00 U.S. an ounce.
