Canada's main stock index inched higher at open on Tuesday, aided by gains in technology and energy shares, while investors remained cautious ahead of a reading on U.S. inflation later this week.
The S&P/TSX Composite faded 9.66 points to open Tuesday at 21,546.88.
The Canadian dollar was flat at 80.35 cents U.S.
Cormark Securities raised the rating on Benchmark Metals to top pick from buy. Benchmark picked up two cents, or 2%, to $1.03.
CIBC cut the target price on Enerflex to $10.00 from $12.00. Enerflex shares parted with a dime, or 1.1%, to $8.81.
CIBC raised the target price on Loblaw Companies to $106.00 from $96.00. Loblaw shares surged $1.25, or 1.3%, to $97.11.
ON BAYSTREET
The TSX Venture Exchange moved doggedly ahead 4.7 points to 1,001.19.
The 12 TSX subgroups were evenly divided, with gold, consumer staples and utilities each up 0.5%.
The half-dozen laggards were weighed most by health-care, down 4%, while consumer discretionaries and financials each slid 0.4%.
ON WALLSTREET
U.S. stocks were slightly lower Tuesday, hovering near records as investors digested new inflation data.
The Dow Jones Industrials dumped 152.15 points, to start Tuesday trading at 36,280.07
The S&P 500 took 18.36 points from Monday’s all-time high at 4,683.34.
The NASDAQ Composite lost 98.19 points to 15,884.17.
Shares of GE rallied roughly 6% after the industrial giant announced it will split into three public companies focusing on aviation, healthcare and energy. The stock led gains on the S&P 500.
NVIDIA shares rose about 3% after the company said it was joining forces with several self-driving sensor companies on safety systems that automakers will be able to deploy as soon as 2024. The semiconductor stock was among the S&P 500 and the NASDAQ Composite’s top gainers.
On the downside, PayPal shares dropped more than 10% after the digital payments company missed on quarterly revenue expectations and issued weaker-than-expected fourth-quarter and full-year guidance. The stock was the biggest laggard on the S&P 500 and the NASDAQ.
Wholesale prices jumped 8.6% in October from a year ago, the hottest annual pace on record in nearly 11 years, the U.S. Labor Department said Tuesday. The October producer price index rose 0.6% month over month, in line with the Dow Jones consensus estimate. The reading measures the costs of final-demand manufactured goods.
Strong earnings results have also supported stocks in running to new highs. Through Tuesday morning, 459 companies in the S&P 500 have reported quarterly results, with 81% beating earnings estimates.
Prices for 10-year Treasurys strengthened, flattening yields to 1.45% from Monday’s 1.50%. Treasury prices and yields move in opposite directions.
Oil prices added 64 cents to $82.57 U.S. a barrel.
Gold prices sagged $3.10 to $1,824.30 U.S. an ounce.
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