Equities in Canada’s biggest centre slipped on Tuesday, hurt by a pullback in the country's two main railways and losses among energy stocks as rising worries about a supply glut pushed oil prices lower.
The S&P/TSX composite index eased 16.54 points to greet noon at 13,774.36
The Canadian dollar was punished 0.48 cents at 75.52 cents U.S.
The heavyweight financials group added strength, with Toronto-Dominion Bank up 0.9% at $54.69 and Bank of Nova Scotia adding 1.1% to $62.43.
Among the most influential were Canadian Natural Resources Ltd, which fell 2.4% to $29.59, and Suncor Energy, which declined 1.1% to $36.63.
Canadian National Railway Co lost 1.5% to $80.60, pulling back after a solid rally ahead of its earnings release due after the market close.
Its rival Canadian Pacific Railway lost 2.6% to $195.88.
On the positive side of the ledger, Valeant Pharmaceuticals International Inc added 2% to $148.20.
Valeant stock has tumbled in recent weeks and months, firstly on scrutiny of its price hike strategy and lately due to a short-seller's accusation it had artificially inflated its revenue.
Financial technology company D+H Corp gained 2.5% to $32.94 after urging its investors not to rely on a "misleading" report by a hedge fund it said was short selling the stock. The stock fell almost 17% on Monday.
Restaurant Brands International Inc advanced 5.2% to $52.78. The owner of Burger King and coffee chain Tim Hortons beat earnings expectations.
ON BAYSTREET
The TSX Venture Exchange moved to within 1.67 points of breakeven to 545.2
Seven of the 13 TSX subgroups were lower by noon, with industrials sinking 2.3%, energy lagging 2%, and utilities off 1.4%.
The half-dozen gainers were led by gold, up 1.1%, health-care, better by 0.5%, and information technology inching up 0.2%.
ON WALLSTREET
U.S. stocks traded in a range Tuesday, under some pressure from economic reports and ahead of major quarterly earnings.
The Dow Jones industrial average fell 47.04 points to 17,576.01
The S&P 500 dropped 7.33 points to 2,063.85, holding lower as energy stocks lagged, following extended losses in oil.
The NASDAQ index moved lower 8.38 points to 5,026.32.
Traders will also be closely watching Apple's third-quarter earnings report, due after the bell. Shares in the tech giant came under pressure on Monday, falling more than 3% after news that supplier Dialog Semiconductor reported preliminary earnings and guidance that missed expectations, according to Street Account.
Ahead of Apple results, drug makers Pfizer, Merck and Bristol-Myers were among a slew of firms that posted earnings.
In other major reports, Comcast matched Street estimates with quarterly profit of 80 cents U.S. per share, while revenue was above estimates. Comcast added 320,000 high speed internet customers during the quarter, and 156,000 cable customers.
DuPont earned an adjusted 13 cents U.S. per share for the third quarter, three cents above estimates. Revenue was well short, however, as a strong dollar and other factors impacted the bottom line. DuPont said it was "not pleased" with the quarter's results.
Alibaba, the China-based internet retail giant, beat estimates on both the top and bottom lines, with revenue leaping 32%. The stock gained more than 4%, on track for its fourth-straight day of gains.
Twitter, Gilead Sciences, Shutterfly, Owens-Illinois, Panera Bread, Equity Residential, KKR and TransUnion all report after the close.
On the economic slate, durable goods orders showed a decline of 1.2% in September, following a negative read in August.
The S&P/Case-Shiller 20-City Composite showed U.S. home prices rose 5.1% from the year-ago period in August, matching analyst expectations.
Consumer confidence came in at 97.6 for October, missing expectations.
The Federal Reserve also begins its two-day meeting at which it is expected to hold off on an interest rate rise. The central bank releases its post-meeting statement at 2 p.m. ET Wednesday, and it is expected to leave the door open for the chance of a December rate hike.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.01% from Monday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices 87 cents a barrel to $43.11 U.S.
Gold prices hiked $4.18 to $1,167.22 U.S. an ounce.
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