Canada's main stock index opened lower on Tuesday, despite investors welcoming strong quarterly results from Bank of Nova Scotia, which kicked off the earnings season for domestic banks.
The TSX subsided 74.81 points to begin Tuesday at 31,026.97.
The Canadian dollar inched higher 0.1 cents to 71.52 cents U.S.
Scotiabank sprinted $1.77, or 1.8%, to kick off Tuesday at $97.80.
Investors are awaiting results from the rest of the big six Canadian banks — Royal Bank of Canada, TD Bank, BMO, CIBC and National Bank. The six banks have gained nearly 31% on average this year, compared with a 26% rise in the broader index.
Elsewhere, Sun Life Financial announced it will issue $1 billion worth of debentures in Canada, while the Bank of Canada upgraded the price target on plane maker Bombardier to $263 from $234.
Sun shares shed 69 cents to $80.17, while those for Bombardier zoomed $8.61, or 3.9%, to $230.60.
ON BAYSTREET
The TSX Venture Exchanged settled 5.8 points, to 934.11.
All but three of the 12 TSX subgroups were lower in the early going, weighed most by gold, down 2.4%, materials, sliding 2.3%, and energy, off 1.5%.
The three gainers were information technology, up 1.9%, financials, ahead 0.4%, and health-care, better by 0.1%.
ON WALLSTREET
Stocks rose on Tuesday, boosted by gains in bitcoin and technology names, as traders tried to recover from a weak start to December Trading.
The Dow Jones Industrials recovered 102.01 points Tuesday to 47,391.34.
The S&P 500 Index forged ahead 21.8 points to 6,834.43.
The NASDAQ stormed back 168 points to 23,443.92.
Bitcoin rose 6% Tuesday, recouping some of its losses from the prior day. Tech players linked to the artificial intelligence trade supported the broader market as well, with names like Oracle reversing course from the previous session’s losses.
AI chip darling Nvidia increased nearly 2%.
AI infrastructure play Credo Technology soared 17% to an all-time high on the back of better-than-expected earnings. Astera Labs followed Credo higher, gaining around 6%.
The major U.S. indexes began the week in the red, ending five-day win streaks on Monday.
Risk-off sentiment has pressured the bull market in recent weeks as worries of persistent inflation, elevated valuations and returns on artificial intelligence spending weigh on investors.
Although November was a mixed month for stocks, investors are watching for catalysts that could lead to a year-end rally.
Traders are currently optimistic that the Federal Reserve will announce an interest rate cut on Dec. 10 at conclusion of its next policy meeting.
Markets are pricing a more than 87% chance of a cut during the upcoming meeting, which is much higher than the odds from mid-November.
The 10-year Treasury shied away, lifting yields to 4.10% from 4.09% on Monday. Treasury prices and yields move in opposite directions.
Oil prices removed eight cents to $59.24.
Gold prices crumbled $51.60 to $4,223.20.
Related Stories
