Equities in Canada’s biggest market turned lower in early trade on Tuesday, hurt by railways and some major banks, while gains for resource stocks softened the fall.
The S&P/TSX composite index began Tuesday down 7.28 points to 15,074.13
The Canadian dollar regained 0.43 cents to 80.28 cents U.S.
Three tobacco companies said on Monday that they would appeal a Canadian court ruling that awarded more than $15 billion in damages to Quebec smokers in two related class-action cases.
Hudson's Bay has made an indicative offer for Metro's department store chain Kaufhof, two people familiar with the matter told Reuters. Bay shares gave back 35 cents, or 1.4%, to $25.17.
Bernstein started coverage on First Quantum Minerals with an outperform rating, and a $23.75 price target. First Quantum shares hiked 53 cents, or 3.3%, to $16.82.
Canaccord Genuity started coverage on Pembina Pipeline with a $48.00 price target. Pembina shares added 49 cents, or 1.2%, to $40.61.
National Bank Financial raised the price target on Kirkland Lake Gold to $7.25 from $6.50. Kirkland Lake shares advanced 12 cents, or 1.9%, to $6.50.
ON BAYSTREET
The TSX Venture Exchange fell 2.03 points to 689.24
Eight of the 14 TSX subgroups were down in the first hour of trading, with consumer discretionaries tracking lower by 0.6%, while consumer staples and industrials each fell 0.4%.
The half-dozen gainers were led by metals and mining, jumping 1.8%, global base metals better by 1%, and energy, hiking 0.7%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday, following European equities lower, as rising bond yields and a weaker dollar weighed on investor sentiment.
The Dow Jones Industrials backtracked 61.19 points, to 17,979.18, with Intel the greatest laggard and Caterpillar leading gains.
The S&P 500 index dipped 9.91 points to 2,101.82, with utilities leading all 10 sectors lower.
The NASDAQ fell 28.42 points to 5,054.50
In corporate news, discount retailer Dollar General reported an 8.8% rise in quarterly sales, helped by higher demand for tobacco and health-care products and perishable food items.
Apple will announce new music services at its Worldwide Developers Conference next week, according to The Wall Street Journal.
Re/code also reports that the company will not announce a widely anticipated subscription TV service at the event, despite rampant speculation.
PVH earned an adjusted $1.50 U.S. per share for its latest quarter, beating estimates by 12 cents. Revenue was essentially in line, and the maker of Calvin Klein and other apparel brands raised its full-year outlook and announced a $500-million U.S. stock buyback. The upbeat quarter came despite the negative impact of a strong dollar.
Medtronic reported adjusted quarterly profit of $1.16 U.S. per share, beating estimates by five cents, with revenue also above forecasts.
The medical products maker's full-year forecast is slightly below Street estimates, however, as it increases the projected negative impact of the stronger dollar.
Factory orders for April showed a decline of 0.4%. March's figure was increased to 2.2% from 2.1%
U.S. April durable goods orders were revised to show a decrease of 1% down from the initial 0.5% decline, Reuters said.
Aside from factory orders and May auto sales, Tuesday is a quiet day for economic data ahead of a slew of releases in the next few days leading up to Friday's key monthly jobs report.
Prices for 10-year U.S. Treasuries faded, sparking yields to 2.24% from Monday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices moved up 46 cents a barrel to $60.66 U.S.
Gold prices gained $4.10 at $1,192.80 U.S. an ounce.
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