Stocks in Toronto stumbled out of the hangar Tuesday, though several companies, including the country's two biggest airlines, reported quarterly earnings that beat analyst expectations.
The S&P/TSX Composite Index collapsed 87.49 points to begin Tuesday at 15,056.38
The Canadian dollar dipped 0.1 cents to 79.92 cents U.S.
Thomson Reuters on Tuesday reported higher-than-expected second-quarter earnings and increased its full-year forecast for margins and adjusted earnings per share as it saw improved results across its largest businesses.
Thomson shares rocketed $2.45, or 4.3%, to $59.55.
Air Canada's second-quarter profit smashed past analysts' estimates as it flew more passengers at lower costs. Air Canada shares took off for the sky, adding $2.19, or 11%, to $22.02.
BMO raised the price target on Cott Corp to $18.00 from $17.00. Cott shares took on eight cents to $19.43.
BMO cut the price target on Precision Drilling to $6.00 from $9.00. Precision shares lost a penny to $3.61.
Canaccord Genuity starts coverage on Spartan Energy with hold rating, and price target of $7.00. Spartan shares retreated 16 cents, or 2.5%, to $6.23.
ON BAYSTREET
The TSX Venture Exchange dropped 0.82 points soon after Tuesday’s open to 769.54
All but three of the 12 TSX subgroups were down to begin the session, as energy was 1.6% less energetic, materials sagged 0.8%, and gold faded 0.6%.
The three gainers were information technology, up 1.7%, industrials, up 0.3%, and real-estate, up 0.2%.
ON WALLSTREET
U.S. stocks opened higher on Tuesday, the first trading day of August, as the Dow Jones industrial average approached another milestone.
The Dow hiked 62.91 points to 21,954.03, another record high and to within sight of 22,000, with Goldman Sachs contributing the most gains.
The Dow is also coming off its strongest monthly performance since February, having risen 2.5%. Shares of Boeing contributed the lion’s share of the gains, adding more than 300 points to the index.
The S&P 500 grew 4.31 points to 2,474.61, with real estate and financials leading advancers.
The NASDAQ reacquired 11.86 points to 6,359.99
Earnings season is well underway with most companies topping expectations. In total, 73% of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines
Earnings season continues Tuesday with tech giant Apple set to report after the close. Athletic apparel firm Under Armour reported better-than-expected quarterly results before the open, but the company's stock fell 8% on weaker-than-expected guidance.
Investors also turned their eyes to a slew of economic data on Tuesday. The IHS Markit manufacturing PMI data was set for release this morning, likewise, construction spending figures. U.S. auto makers are also set to release monthly sales numbers throughout the day.
U.S. personal income for June remained unchanged, below an expected increase of 0.3%.
Prices for the benchmark 10-year Treasury note regained strength, lowering yields to 2.28% from Monday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices gave back 69 cents to $49.57 U.S. a barrel
Gold prices inched up $1.40 to $1,274.80 U.S. an ounce.
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