Equities in Canada’s biggest market fell at the open on Tuesday, weighed down by energy stocks as oil prices fell on a pessimistic outlook for global demand from the International Energy Agency.
The S&P/TSX Composite started the day lower by 136.13 points to 14,461.01
The Canadian dollar skidded 0.58 cents at 76.11 cents U.S.
National Bank Financial raised the rating on 5N Plus to outperform from sector perform. 5N shares darted up five cents, or 3.1%, to $1.65.
Canaccord Genuity cuts target price on Sandvine to $3.75 from $4.25 with buy rating. Sandvine shares retreated nine cents, or 3.1%, to $2.86.
National Bank Financial resumes coverage on Luna Gold with sector perform rating and $0.35 target price. Luna shares stayed put at 27.5 cents.
ON BAYSTREET
The TSX Venture Exchange dumped 3.58 points to 810.32
All 12 TSX subgroups were negative in the first hour, with energy failing 1.7%, gold down 1.4%, and materials suffering 1.2%.
ON WALLSTREET
U.S. stocks traded sharply lower Tuesday as investors looked ahead to next week's Federal Reserve meeting while keeping an eye on falling oil prices.
The Dow Jones Industrials erased much of yesterday’s 230-plus-point hike, giving back 182.82 points, or 1%, to 18,142.25, with Goldman Sachs contributing the most losses.
The S&P 500 moved downward 23.89 points, or 1.1%, to 2,135.16, with energy leading all sectors lower.
The NASDAQ Composite faded 44.38 points to 5,167.20, despite a near 3% gain in Apple.
Investors have been closely scrutinizing every piece of economic data and parsing through every speech made by Fed officials, trying to find clues about what the central bank's decision on monetary policy will be.
The Fed is scheduled to meet next Tuesday through Wednesday. Market expectations for a Fed rate hike next week were 15% Tuesday morning,
Investors also kept an eye on falling oil prices Tuesday. West Texas Intermediate futures fell after the I.E.A. said the re-balancing in the oil market will take longer than expected. The American Petroleum Institute is expected to release its forecast for U.S. oil inventories after the close.
Prices for the 10-year Treasury were slightly lower, raising yields to 1.68% from Monday’s 1.67%. Treasury prices and yields move in opposite directions
Oil prices regressed 85 cents at $45.44 U.S. a barrel
Gold prices progressed $2.10 at $1,327.70 U.S. an ounce.
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