Canada's main stock index opened lower on Tuesday, weighed down by energy shares and miner Turquoise Hill Resources that fell after reporting second-quarter production numbers.
The S&P/TSX Composite Index went for a dip of 20.62 points to begin Tuesday at 16,490.20.
The Canadian dollar gained 0.07 cents to 76.71 cents U.S.
Turquoise Hill shares fainted 55 cents, or 39.6%, to 84 cents.
RBC raised the price target on CCL Industries to $73.00 from $66.00. CCL shares were unchanged at $66.65.
CIBC cut the price target on Finning International to $27.00 from $34.00. Shares in Finning were off 82 cents, or 3.4%, to $22.99.
RBC cut the price target on Russel Metals to $25.00 from $28.00. Russel shares doffed 30 cents, or 1.4%, to $20.64.
On the economic front, Statistics Canada reported that foreigners acquired $10.2 billion of Canadian securities in May, following two months of divestment.
At the same time, Canadian investment in foreign securities resumed to reach $4.1 billion, led by purchases of U.S. corporate bonds.
ON BAYSTREET
The TSX Venture Exchange reversed 0.5 points to begin the session at 578.54
All but two of the 12 Toronto subgroups were in the red, as information technology fell 0.6%, consumer discretionary lost 0.5%, and energy skidded 0.4%.
The two gainers were financials and industrials, each up 0.2%.
ON WALLSTREET
Stocks south of the border wallowed below the flatline, even though Goldman Sachs shares rose on stronger-than-forecast earnings.
The Dow Jones Industrial Average dropped 3.04 points from its all-time high to 27,356.12,
The S&P 500 docked 1.67 points from Monday’s all-time high to 3,012.69
The NASDAQ Composite slid 3.64 points to 8,254.54
Goldman Sachs’s strong results were driven by the company’s investment banking and trading divisions. Goldman shares rose 2.3%. The stock’s gains, however, were offset by declines in J.P. Morgan Chase and Johnson & Johnson.
J.P. Morgan Chase fell 0.2% after lowering its 2019 outlook for net interest income. The forecast reduction overshadowed better-than-expected quarterly results.
Johnson & Johnson, meanwhile, fell 1.3% despite reporting a 42% profit surge in the previous quarter.
So far, just over 5% of S&P 500 companies have reported calendar second-quarter earnings. Of those companies, more than 85% have posted better-than-expected earnings.
Investors will welcome the strong start to the earnings season, but the outlook for corporate profits remains bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter.
United Airlines and CSX are among the companies due to report after the bell Tuesday. Morgan Stanley, BlackRock, and American Express are scheduled to report earnings later this week.
Prices for the benchmark 10-year U.S. Treasury ducked, raising yields to 2.13% from Monday’s 2.09%. Treasury prices and yields move in opposite directions.
Oil prices picked up 30 cents at $59.88 U.S. a barrel.
Gold prices slid $2.20 to $1,411.30 U.S. an ounce.
