Canada’s main stock index opened lower on Tuesday, as a fall in crude oil prices dragged down energy shares.
The S&P/TSX Composite Index descended 26.26 points to begin Tuesday trading at 15,581.62
The Canadian dollar lost 0.19 cents to 77.71 cents U.S.
Encana beat analysts' estimates with a 50% rise in adjusted profit for the first quarter, helped by higher production and stronger prices for its crude.
Encana gained 64 cents, or 4%, to $16.63.
Canada's stock exchange, the world's sixth largest, was back in business on Monday after a hardware glitch abruptly ended trading on Friday and the exchange operator TMX Group said it was working to ensure there will be no repeat of the embarrassing market disruption.
TMX Group, which trades under the symbol “X”, dropped 62 cents to $76.82.
CIBC cut the rating on Canadian National Railway to neutral from outperform. CNR shares lost $1.04, or 1.1%, to $98.13.
Credit Suisse cut the rating on Norbord Inc. to neutral from outperform. Norbord shares slipped $1.19, or 2.2%, to $51.83.
On the economic front, Statistics Canada said Canada’s Gross Domestic Product rose 0.4% in February, as 15 of 20 industrial sectors increased. The growth was led by a rebound in the mining and oil and gas extraction sector.
Moreover, the White House said Monday that Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil.
ON BAYSTREET
The TSX Venture Exchange docked five points to start Tuesday at 778.63
Eight of 12 TSX subgroups were negative, with information technology down 1.4%, industrials giving back 0.5%, and health-care off 0.4%.
The four gainers were co-led by energy and real-estate, each up 0.4%, and utilities up 0.1%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday, the first trading day of the month, as shares of defense companies dropped sharply. Investors also awaited the release of Apple's latest quarterly figures.
The Dow Jones Industrial Average tumbled 205.32 points to 23,957.83, with Boeing contributing the most to the losses.
The S&P 500 slid 7.41 points to 2,640.38, with energy, materials and industrials all falling more than 1%.
The NASDAQ dipped 0.54 points to 7,065.73
Meanwhile, Apple is scheduled to report fiscal second-quarter earnings and revenue Tuesday after the close.
Of the S&P 500 companies that have reported thus far, 79.4% have posted better-than-expected earnings. Merck, Pfizer, Aetna, and Archer Daniels Midland all reported stronger-than-forecast results before the bell.
Tuesday marked the first trading day of May, which kicks off a historically rough period for the market. The major indexes posted their first monthly gains last month.
Investors also looked to Washington as the Fed began a two-day monetary policy meeting.
Market participants are not expecting any alterations to interest rates. However, investors will be on the lookout for clues about the central bank's views on inflation and the economy.
In economic data news, the Institute for Supply Management manufacturing index hit 57.3 in April.
Prices for the benchmark 10-year Treasury note fell slightly, raising yields to 2.97% from Monday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices dropped 90 cents a barrel to $67.67 U.S.
Gold prices stumbled $12.30 to $1,306.90 U.S. an ounce.
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