TSX Continues in Red

CNR, Hexo in Focus

Equities backpedaled late Tuesday morning, after a drop in oil prices for the second straight day hit energy stocks.

The TSX Composite Index lost 44.87 points to wind into noon hour Tuesday at 16,980.24

The Canadian dollar retreated 0.12 cents to 75.60 cents U.S.

Shares in Canadian National Railway dropped $1.33, or 1.1%, to $122.43, extending a decline from the previous session, after the Teamsters labour union gave the company notice late last week on intent to strike starting today.

The top percentage gainers on the TSX were shares in cannabis producers Hexo, which jumped 17 cents, or 8.1%, to $2.28, and Aphria which rose 37 cents, or 7.4%, to $5.40.

Ballard Power fell $1.04, or 10.9%, the most on the TSX, to $8.53.

On the macroeconomic front, Statistics Canada said this country’s manufacturing sales edged down 0.2% in September to $57.4 billion, following a 0.8% increase in August.

ON BAYSTREET

The TSX Venture Exchange faded 1.65 points at 523.27

Seven of the 12 Toronto subgroups were lower midday, as energy sputtered 1.5%, industrials dropped 0.9%, and real-estate skidded 0.6%.

The five gainers were led by gold, up 1.4%, health-care, haler 1.3%, and materials, surging 0.7%.

ON WALLSTREET

Stocks hit fresh record highs on Tuesday but quickly faded from those levels as losses in Home Depot outweighed a rise in Boeing shares.

The Dow Jones Industrial Average fell 101.84 points to 27,934.38

The S&P 500 subtracted 1.33 points to 3,120.70

The NASDAQ added 19.95 points to Monday’s all-time high to 8,569.82

While small, Tuesday’s decline was the biggest of the month for the Dow as stocks have been steadily grinding higher for most of November.

Home Depot shares dropped nearly 5% after disappointing same-store sales, a key metric for retailers, overshadowed better-than-expected earnings. The stock’s decline shaved off 80 points from the Dow. Kohl’s, meanwhile, tanked 18% on weak same-store sales.

Meanwhile, Boeing shares rose 0.4% after wrangling up 50 orders for the embattled 737 Max jet at the Dubai Air Show. One order for 20 planes came from an undisclosed buyer while a Kazakhstan-based airline put in another one for 30 planes.

Prices for the 10-Year U.S. Treasury acquired some new ground, lowering yields to 1.79% from Monday’s 1.82%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.25 to $55.80 U.S. a barrel.

Gold prices recovered $1.40 to $1,473.30 U.S. an ounce.