Equities in Toronto were lower shortly after markets opened on Tuesday after swinging between positive and negative territory, as gains among energy and financial stocks were offset by declines in mining and industrial shares.
The S&P/TSX composite index dipped 27.41 points to begin Tuesday at 15,356.18
The Canadian dollar recovered 0.70 cents to 80.11 cents U.S.
Gibson Energy said on Monday that it is building 900,000 barrels of crude oil storage at its terminal in Hardisty, Alberta, after receiving sufficient support from shippers. Gibson shares gained 49 cents, or 1.8%, at the outset to $27.56.
BMO cut the target price on AuRico Gold to $5.25 from $5.50. AuRico shares took on three cents to $4.12.
Canaccord Genuity raised the target price on Belo Sun Mining to 70 cents from 60 cents. Belo Sun shares were static at 19 cents early Tuesday.
Barclays raised the target price on Hudbay Minerals to $14 from $13. HudBay shares lost 15 cents, or 1.4%, to $10.60.
ON BAYSTREET
The TSX Venture Exchange lost 1.04 points to 694.58
All but two of the 14 Toronto subgroups were lower to begin Tuesday trading, as industrials trailed 1.2%, consumer discretionary fell 0.7%, and health-care stocks ailed 0.6%.
The two gainers were energy, up 1.2%, and global base metals, picking up 0.5%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Tuesday as investors digested the first of the major earnings reports and moderate economic data.
The Dow Jones Industrials let go of 25.39 points to open at 17,951.65, with JPMorgan Chase leading gains and Coca-Cola the greatest decliner.
The S&P 500 index was lower 5.55 points to 2,086.88, with energy leading six sectors higher and industrials leading decliners.
The NASDAQ index slid 24.25 points to 4,964
JPMorgan Chase gained more than 2% to trade above 15-year highs, with Goldman Sachs initially gaining more than 1% to trade near seven-year highs.
JPMorgan's net income rose to $5.91 billion U.S, or $1.45 per share, in the first quarter ended March 31, from $5.27 billion U.S., or $1.28 per share, a year earlier, according to Reuters. CEO Jamie Dimon said the company is getting safer and stronger, as well as gaining market share.
Shares of Zillow plunged after being halted in pre-market trade as the company issued guidance sharply below Street estimates.
Wells Fargo posted earnings of $1.04 U.S. per share, six cents above estimates, with revenue also above forecasts. The report did break an 18-quarter streak of higher year-over-year earnings, as the bank deals with the impact of a lower interest rate environment.
Johnson & Johnson beat on both the top and bottom lines but reported an 8.6% decline in quarterly profit as the impact of a strong dollar on overseas revenue offset growing sales of its mainstay older drugs.
Futures edged lower after morning economic reports. Retail sales showed an increase of 0.9%, slightly below expectations of a 1.1% month-on-month increase in overall spending. However, the figure was the first gain since late last year.
The Producer Price Index showed an increase of 0.2% in March, in line with expectations and breaking four consecutive months of declines.
Prices for 10-year U.S. Treasuries spiked, lowering yields to 1.86% from Monday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil prices gained 96 cents to $52.87 U.S.
Gold prices fell $6.50 to $1,192.80 U.S.
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