Equities in Canada’s biggest centre edged lower in early trade on Tuesday, as gold miners and other materials stocks weighed while marijuana producers extended their latest rally.
The S&P/TSX Composite Index backpedaled 18.3 points to open Tuesday at 16,353.51
The Canadian dollar eked up 0.03 cents to 80.49 cents U.S.
BlackBerry on Monday launched new cybersecurity software, which identifies vulnerabilities in programs used in self-driving cars.
The firm formerly known as Research In Motion gained 13 cents a share to $17.61.
CIBC raised the price target on WSP Global to $63.00 from $57.00. WSP shares prospered 58 cents, or nearly 1%, to begin the day at $61.29.
CIBC raised the price target on Stantec to $39.00 from $38.00. Stantec shares obtained 24 cents to $35.52.
CIBC raised the price target SNC-Lavalin Group to $68.00 from $65.00. SNC shares gained 43 cents to $57.10.
ON BAYSTREET
The TSX Venture Exchange gained 5.99 points to 902.18
Seven of the 12 TSX subgroups gained ground as health-care sprinted 3.4%, while information technology took on 1.1%, and consumer staples inched up 0.2%.
The five laggards were weighed most by gold, retreating 1.9%, materials, off 1.7%, and energy, down 0.4%.
ON WALLSTREET
U.S. stocks traded sharply higher on Tuesday as key corporate earnings outperform estimates and optimism in the economy remains.
The Dow Jones Industrials leaped 271.6 points, or 1.1%, to begin a short week at 26,074.79. The 30-stock index was boosted by gains in UnitedHealth, Boeing and Merck.
It took the Dow just 12 calendar days to move from 25,000 to 26,000, making it the fastest 1,000 move on record for the index. It first traded above 25,000 on Jan. 4.
The S&P 500 acquired 19.31 points to 2,805.55, and traded above 2,800 for the first time. Real-estate and health cares were the best-performing sectors in the index.
The NASDAQ composite index climbed 66.71 points to 7,327.77, and also hit a record.
Equities are off to a strong start for the year, with the Dow, S&P 500 and NASDAQ composite jumping at least 4.2% in 2018. A stronger U.S. economy, tax reform, and optimism maid the corporate earnings season have been key catalysts for the market.
Markets were closed in the United States Monday for Martin Luther King Day.
UnitedHealth posted better-than-expected earnings and sales, sending the stock up 2.5%. Citigroup reported adjusted earnings that surpassed estimates, while revenue came in line with expectations. Citigroup shares climbed 1%.
Elsewhere, Merck shares jumped more than 6% after announcing positive Phase 3 results for its Keytruda drug, which is aimed at treating cancer.
Earnings season is off to a strong start thus far. Of the S&P 500 companies that had reported as of Friday, 69% have surpassed earnings-per-share estimates while 85% have beaten expectations on the top line
Prices for the benchmark 10-year Treasury note inched up, lowering yields to 2.54% from Friday’s 2.55%. Treasury prices and yields move in opposite directions.
Oil prices dropped 22 cents a barrel to $64.08 U.S.
Gold prices faded 70 cents to $1,334.20 U.S. an ounce.
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