Equites in Canada’s largest centre, opened subdued on Tuesday as caution prevailed with investors awaiting interest rate decisions from the U.S. Federal Reserve and the Bank of Canada later this week.
The TSX index dropped 174.41 points to open trading on Tuesday at 32,918.81
The Canadian dollar surged 0.52 cents at 73.45 cents U.S.
In corporate news, investment fund La Caisse after the market closed on Monday said it will sell a part of its stake in telecom firm Cogeco Communications, whose shares dawdled $4.50, or 6.4%, to $67.16.
ON BAYSTREET
The TSX Venture Exchange let go of 24.76 points, or 2.2%, to 1,115.56.
Eight of the 12 TSX subgroups were lower at first, weighed most by gold, sliding 3.6%, materials, down 2.8%, and consumer staples, fading 1.7%.
The four gainers were led by information technology, up 0.8%, energy, ahead 0.6%, and utilities, up 0.5%.
ON WALLSTREET
The S&P 500 rose on Tuesday, aided by gains in Big Tech, as traders awaited earnings from companies in the sector. Traders also looked ahead to the Federal Reserve’s first policy meeting, due Wednesday.
The Dow Jones Industrials withered 508.26 points, or 1%, to 48,904.14
The much-broader index picked up 24.82 points to 6,975.05.
The NASDAQ hiked 208.55 points to 23,809.91, due largely to an 18% drop in UnitedHealth.
Apple advanced nearly 2%, while Microsoft advanced 1.3%. More than 90 S&P 500 companies are slated to report quarterly earnings this week. Meta Platforms and Microsoft, as well as fellow “Magnificent Seven” giant Tesla, are all due Wednesday. Apple will share its results on Thursday.
Shares of several big-name health insurers were among the laggards Tuesday, plunging after the Centers for Medicare & Medicaid Services proposed raising payments to Medicare Advantage insurers by a net average of just 0.09% in 2027. Shares of Humana slid 18%, while CVS Health lost 10%.
Prices for the 10-year Treasury stayed put, keeping yields at 4.22%.
Oil prices gained 57 cents to $61.20 U.S. a barrel.
Gold prices sagged $9.50 to $5,073.
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