Energy stocks pressured Canada's main stock index on Tuesday, as oil prices fell due to tightening coronavirus-driven restrictions across the world.
The TSX came off its lows of the morning, but remained in the red 25.37 points by lunch hour to 16,814.76.
The Canadian dollar ailed 0.13 cents to 76.35 cents U.S.
Cancer drug developer Trillium Therapeutics jumped $1.50, or 7.6%, to $21.34, while Jamieson Wellness gave up earlier gains to shed 12 cents to $36.57.
CAE fell $1.93, or 6.2%, the most on the TSX, to $29.47, after the flight simulators maker acquired Flight Simulation Company BV
for 70 million euros ($83.05 million U.S.).
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 dropped 0.9 points to 741.74.
Seven of the 12 TSX subgroups were lower midday, with gold dulling in price 1.1%, consumer discretionary faltering 1%, and materials off 0.9%.
The five gainers were led by energy, recovering 0.9%, financials advancing 0.6%, and real-estate, nicking ahead 0.1%.
ON WALLSTREET
U.S. stocks fell on Tuesday as a sharp decline in drug store shares and disappointing economic data weighed on the broader market.
The Dow Jones Industrials stumbled 170.87 points to 29,779.57, after Monday’s record close.
The S&P 500 also came off its all-time high, losing 13.66 points to 3,613.25
The NASDAQ dropped 29.48 points to 11,894.65.
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 6.9%. Amazon shares popped 0.5%.
Home Depot added to the decline, falling 3.1% 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 also dipped 0.1% even after earnings topped expectations on soaring e-commerce sales.
Tesla shares bucked the market’s negative trend, jumping 9.8% 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.
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 45 cents to $40.89 U.S. a barrel.
Gold prices slipped $1.90 to $1,889.00
