Equities in Canada’s biggest market traveled lower on Tuesday, including losses for energy stocks as crude oil prices fluctuated, while financial sector stocks also weakened.
The S&P/TSX composite index sank 83.91 points, to open Tuesday at 12,950.47
The Canadian dollar inched higher 0.09 cents to 71.71 cents U.S.
Canada's federal and provincial financial ministers are considering not raising premiums for the Canada Pension Plan, federal Finance Minister Bill Morneau said on Monday, despite his party’s campaign promise to enhance the plan.
Australia's antitrust regulator said it would consider a watered down version of Canadian infrastructure giant Brookfield Asset Management Inc's $6.5-billion bid for freight firm Asciano Ltd, reviving the prospect of a deal.
Brookfield shares faded 29 cents to $43.36.
Barclays cut the price target on Canadian Pacific Railway to $190.00 from $210.00
CP shares faded 36 cents to $171.95.
RBC cut the price target on CIBC to $107.00 from $109.00. Commerce shares slid 55 cents to $92.01
Dundee Capital initiated coverage on Oban Mining Corp. with a buy rating. Oban shares were unchanged at $1.13.
ON BAYSTREET
The TSX Venture Exchange dropped 0.04 points to 501.55
All but four of the 13 TSX subgroups started the day downward, as financials paled 1.2%, consumer staples dropped off 0.9%, and consumer discretionary issues lost 0.7%.
The four gainers were led by metals and mining, surging 1.2%, gold, up 0.8%, and materials, advancing 0.7%.
ON WALLSTREET
U.S. stocks traded in a range Tuesday as investors eyed data and oil prices in the shortened trading week.
The Dow Jones industrial average gained 25.79 points to begin Tuesday at 17,277.41, with Nike and Caterpillar the top contributors to gains.
The S&P 500 nicked up 1.91 points to 2,023.06, with consumer discretionary leading all 10 sectors higher.
The NASDAQ index moved higher 2.22 points to 4,971.15
Nike is scheduled to report earnings after the closing bell.
Chipotle shares continued to fall, trading more than 4% lower in the open. JPMorgan downgraded the stock to "neutral" from "overweight" citing the new food safety issues. News broke Monday that the Centers for Disease Control is investigating a different E. coli strain at Chipotle. The stock hit a fresh 52-week low.
In economic news, existing home sales declined 10.5% in November, far greater than expected.
The final read on third-quarter GDP came in at an annualized rate of 2%. Economists expected annual growth of 1.9%, down slightly from the second estimate of 2.1% but above the advance estimate of 1.5%.
Prices for the 10-year Treasury lost ground, raising yields to 2.21% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices added 14 cents a barrel to $35.95 U.S.
Gold prices dipped $2.80 to $1,075.60 U.S. an ounce.
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