Equity markets in Toronto opened lower on Tuesday after climbing to their highest level in nearly three years Monday.
The S&P/TSX composite index was down 25.71 points to open for business at 14,201.37
Bank of Montreal said its quarterly profit rose 2% as stronger Canadian retail banking income and lower loan loss provisions more than made up for a weaker performance at its U.S. division. BMO shares climbed 42 cents early Tuesday to $72.99.
National Bank of Canada said on Monday its first-quarter profit rose 9%, driven by stronger wealth management and financial markets income. National shares took on 11 cents to $43.72.
BlackBerry plans to launch a new tool for business and government customers to manage mobile devices on their networks, part of a drive by the one-time smartphone pioneer to focus on its profitable enterprise or services business. BlackBerry’s shares hiked 76 cents, or nearly 7%, to $11.63.
Rogers Communications was ordered to pay $500,000 by an Ontario court that said the company did not conduct adequate tests to back up a claim that its Chatr discount brand had better coverage than rivals. Rogers shares gained two cents to $42.71.
Canadian regulators said on Monday that an audit of TransCanada Corporation’s safety practices found it operated safely for the most part, but identified some key areas where it needs to improve. TransCanada shares gathered 13 cents to $49.16.
ON BAYSTREET
The TSX Venture Exchange stepped back 5.08 points to 1,013.87.
Nine of the 14 Toronto subgroups were lower at the outset, with global base metals down 1.4%, energy 0.8% less energetic and consumer staples off 0.7%.
The five gainers were co-led by financials and information technology, inching ahead 0.3% each, while health-care was only 0.1% to the good.
ON WALLSTREET
Investors hit the "pause" button Tuesday, one day after a rally pushed the S&P 500 to a new high, albeit briefly.
The Dow Jones Industrial Average dipped 4.91 points to start out at 16,202.23
The S&P 500 index dipped 2.4 points to 1,845.21. The NASDAQ lost 3.72 points to 4,289.25
In corporate news, Macy's shares got a boost after the retailer reported strong sales for the holiday season. Investors have been keeping an eye on the health of the consumer for signs of economic resilience.
Shares of BlackBerry spiked following a report that the company's technology could be used in Ford cars to connect vehicles to drivers' smartphones.
Tesla surged 10% after Morgan Stanley raised its price target on the stock.
Economically speaking, the S&P/Case-Shiller Home Price Index showed that home prices in the States rose 11.3% last year, even as they softened in the fourth quarter. The housing market has been a big driver of the economic recovery, but slowly rising mortgage rates have led to a cooling in home loans in recent months.
Still, Home Depot shares gained after the retailer said that a recovering housing market drove an increase in quarterly sales.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.71% from Monday’s 2.75%. Treasury prices and yields move in opposite directions
Oil prices retreated $1.61 to $101.21 U.S. a barrel.
Gold prices slipped 20 cents to $1,337.80 U.S. an ounce.
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