Stocks in Toronto declined on Tuesday as weakness in the financial sector overcame a rally in oil prices that drove shares of energy companies higher.
The S&P/TSX composite index collapsed 127.24 points to greet noon at 15,240.23
The Canadian dollar gained 0.38 cents to 83.06 cents U.S.
Financials lost as Bank of Montreal gave back 0.6% to $78.60, and Bank of Nova Scotia declined 0.7% to $66.69.
In the energy sector, Canadian Natural Resources jumped 1.4% to $40.16 and Suncor Energy was up 0.6% at $39.32
On the economic slate, Statistics Canada reported Tuesday morning that Canada's imports hiked 2.2% in March while exports edged up 0.4%. As a result, our merchandise trade deficit with the world widened from $2.2 billion in February to a record $3.0 billion in March.
ON BAYSTREET
The TSX Venture Exchange added 2.06 points to 701.18
All but two of the 14 Toronto subgroups remained in the red midday, as health-care sank 1.9%, consumer staples dipped 1.8%, and real-estate fell 1.7%.
The two gainers were energy, up 0.6%, and the metals and mining group, up 0.5%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday as investors eyed higher bond yields, mixed domestic data and global headlines, including some renewed concerns on Greece.
The Dow Jones Industrials faded 72.30 points to 17,998.10, with Apple the greatest laggard and Visa leading advancers.
The S&P 500 index dipped 15.62 points to 2,098.97, with utilities leading nine sectors lower and energy the only advancer.
The NASDAQ went south 61 points to 4,955.93. Tech giants such as Apple, Microsoft and Google also declined.
Earnings season continues, with morning reports from Disney, Estee Lauder, Kellogg, Sprint, Towers Watson, Bloomin' Brands and Zoetis.
Walt Disney delivered quarterly earnings and revenue that topped analysts' expectations on Tuesday.
Electronic Arts, LendingClub, News Corp, Groupon, Herbalife, Newfield Exploration, SolarCity and Weight Watchers are all due after the bell.
The pace of expansion in the U.S. services sector eased from a seven-month high in April on a dip in new business growth, but hiring in the sector accelerated to its highest since June, an industry report showed on Tuesday.
Financial firm Markit said its final reading of its Purchasing Managers Index for the services sector slipped to 57.4 in April, a level that was down from both the preliminary April read of 57.8, as well as the final March read of 59.2. March's level was the highest since August.
April's non-manufacturing ISM topped expectations, coming in at 57.8 versus the expected 56.3 and March's 56.5.
In the continuing Greek debt drama, stocks and bonds sold off in Athens on news the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns, the Financial Times reported. Germany's finance minister later rebuffed the report.
Prices for 10-year U.S. Treasuries stumbled, raising yields to 2.19% from Monday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices perked $1.94 to $60.87 U.S.
Gold prices hiked $8.20 to $1,195.00 U.S.
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