Stocks concluded an up-and-down day in the red, as losses in energy stocks overrode even sharp gains in the health-care sector.
The S&P/TSX Composite Index faltered 40.01 points to close Tuesday 16,121.32.
The Canadian dollar dropped 0.19 cents at 74.77 cents U.S.
Energy stocks took most of the pounding, as Vermilion Energy sank 56 cents, or 8.9%, to $5.75, while MEG Energy dipped 28 cents, or 7%, to $3.73.
Among consumer discretionary stocks, Spin Master faltered 63 cents, or 2.5%, to $24.96, while Martinrea International dipped 19 cents, or 1.9%, to $9.81.
In financials, Industrial Alliance surrendered 56 cents, or 1.2%, to $44.60, while Intact Financial slid $1.47, or 1.1%, to $139.60.
Health-care stocks tried to balance things out, with Canopy Growth sprinting $3.40, or 14.8%, to $26.03, while Aurora Cannabis added $1.45, or 10.3%, to $15.60.
Real-estate issues, such as units of Artis REIT, gathered 25 cents, or 3.3%, to $7.86, while H&R REIT picked up 31 cents, or 3.2%, to $10.11.
Among utilities, Canadian Utilities grabbed 54 cents, or 1.6%, to $34.13, while Capital Power took on 33 cents, or 1.2%, to $27.23.
U.S. lawmakers geared up to discuss recovery strategies on Tuesday, a day after Senate Republicans proposed a $1-trillion aid package hammered out with the White House.
ON BAYSTREET
The TSX Venture Exchange gave back 1.32 points to 707.79.
Eight of the 12 TSX subgroups were lower by the closing bell, with energy scaling 3.6%, consumer discretionary stocks falling 0.7%, and financials, off 0.5%.
The four gainers were led by health-care, screaming ahead 6.8%, while real-estate towered over Monday’s close by 1.3%, and utilities, 0.3% to the good.
ON WALLSTREET
Stocks fell on Tuesday as tech shares were under pressure and lawmakers continued their debate over the next coronavirus relief package.
The Dow Jones Industrials tumbled 205.49 points to finish Tuesday at 26,379.28.
The S&P 500 slumped 20.97 points to 3,218.44.
The NASDAQ fell 134.18 points, or 1.3%, to 10,402.09.
Shares of Amazon slipped 1.8% and Netflix declined by 1.4%. Alphabet shares fell 1.7%. Facebook shares dipped 1.5% and Apple closed 1.6% lower.
Stocks that would benefit from an economic reopening rose. United and American Airlines gained more than 3% each. Delta advanced 1.7%. Carnival closed 4.2% higher and Norwegian Cruise Line jumped 6.3%.
Stocks were also under pressure after the release of disappointing quarterly numbers from McDonald’s and 3M.
McDonald’s shares slid 2.5% after the fast-food giant posted a quarterly profit that missed analyst expectations along with a 30% drop in overall revenue. 3M, another Dow component, dropped 4.8% after its quarterly earnings and revenue were lower than expected.
A plan unveiled by Senate Republicans would include relief for jobless Americans, another direct payment to individuals of up to $1,200, and more Paycheck Protection Program small business loan funds, among other provisions. It would also set federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
The plan comes as coronavirus cases continue to rise across the U.S. So far, more than 4.2 million infections have been confirmed along with at least 147,303 deaths in the U.S., according to Johns Hopkins University.
Thus far, more than 160 S&P 500 companies have reported calendar second-quarter earnings. Of those companies, 81% have reportedly beaten expectations.
Meanwhile, the Federal Reserve starts its two-day policy meeting on Tuesday, followed by an interest rate decision on Wednesday. The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 0-0.25% at its last meeting in June as it continued to deal with the impact of the coronavirus pandemic on the U.S. economy.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.58% from Monday’s 0.61%. Treasury prices and yields move in opposite directions.
Oil prices lost 52 cents to $41.08 U.S. a barrel.
Gold prices added $20.60 to $1,951.60 U.S. an ounce.
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