Canada's main stock index opened lower on Tuesday, weighed down by energy stocks as oil prices slumped on tightening coronavirus-driven restrictions across the world.
The TSX evidenced some profit-taking early Tuesday, giving back 75.05 points to 16,814.76.
The Canadian dollar demurred 0.10 cents to 76.38 cents U.S.
ATB Capital Markets raised the rating on Aurora Cannabis to sector perform from underperform. Aurora shares took on 29 cents, or 3.2%, to $9.44.
Laurentian Bank Securities raised the price target on Champion Iron Ltd. to $5.35 from $5.00. Champion shares slid 11 cents, or 2.5%, to $4.29.
Scotiabank raised the target price on Exchange Income Corp. to $38.00 from $32.00. Exchange shares lost 99 cents, or 2.6%, to $37.25.
In the economic docket, Statistics Canada said investors in this country acquired $11.2 billion of foreign securities in September, the highest investment in four months.
Meanwhile, non-resident investors purchased $4.5 billion of Canadian securities, led by acquisitions of corporate instruments.
Wholesale sales grew 0.9% to $66.2 billion in September and remained higher than February's pre-COVID-19 level for the third straight month.
Canada Mortgage and Housing Corporation said the national trend in housing starts improved to 222,734 units in October, up from 214,372 units in September 2020.
ON BAYSTREET
The TSX Venture Exchange added 2.24 points to 744.88.
All but one of the 12 TSX subgroups were lower in the first hour, with energy dwindling 1.9%, consumer discretionary stocks falling 0.9%, and industrials off 0.8%.
Only health-care stood out against the negative tide, gaining 0.3%.
ON WALLSTREET
U.S. stocks slipped on Tuesday as a sharp decline in drug store shares and disappointing economic data weighed on the broader market.
The Dow Jones Industrials slumbered 379.87 points or 1.3%, to 29,570.57, from Monday’s record close.
The S&P 500 also came off its all-time high, losing 32.67 points to 3,594.24
The NASDAQ dropped 48.49 points to 11,875.64.
Shares of pharmacy owner CVS Health and Dow-member Walgreens Boots Alliance dropped after Amazon launched a pharmacy business, which allows free delivery of medications for Prime members. Walgreens shares dropped 8.7% and CVS lost 7.5%. Amazon shares popped more than 1%.
Tesla shares jumped more than 11% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21. It was a long anticipated move for the surging stock. Before Monday, the shares had already more than quadrupled this year.
Home Depot fell 2.7% despite a third-quarter earnings beat. Its sales also surged about 24% compared with a year ago as pandemic home improvement buying continued.
Walmart shares dipped 1% even after earnings topped expectations on soaring e-commerce sales.
The declines also came after data showed retail sales increased less than expected in October. Retail sales rose 0.3% last month, versus a 0.5% gain expected by economists polled by Dow Jones.
Prices for the 10-Year Treasury were lower, raising yields to 0.87% from Monday’s 0.91%. Treasury prices and yields move in opposite directions.
Oil prices lost 35 cents to $40.99 U.S. a barrel.
Gold prices added $1.20 to $1,889.00
