Stocks in Canada’s largest market were flat on Tuesday after Federal Reserve chair Jerome Powell did not give further clarity on monetary policy tightening, while gold miners gained on upbeat precious metal prices, capping losses on the bourse.
The TSX lost 38.72 points to begin Tuesday at 19,818.35.
The Canadian dollar dipped 0.03 cents at 74.63 cents U.S.
TC Energy said it was too early to speculate the cost of cleaning up a spill from its Keystone pipeline, as the Canadian company entered into a deal with the
U.S. Environmental Protection Agency.
TC shares dropped 18 cents to $54.61.
First Quantum Minerals said it was in talks with the government of Panama to avoid halting operations at its mine over a contract dispute. First Quantum shares gained eight cents to $31.07.
ON BAYSTREET
The TSX Venture Exchange nosed ahead 1.33 points to 588.01.
Six of the 12 subgroups gained in Tuesday’s first hour, with health-care haler by 1.9%, gold brighter by 0.5%, and real-estate improving 0.4%.
The five laggards were weighed most by energy, staggering 1.1%, while industrials and utilities each gave up 0.5%.
Financials were flat early Tuesday.
ON WALLSTREET
Stocks were up slightly on Tuesday as investors looked to continue building on a solid start to 2023 while awaiting consumer data coming later in the week.
The Dow Jones Industrials regained 60.27 points to kick off Tuesday at 33,577.92.
The S&P 500 points recovered 7.42 points to 3,899.51. The S&P 500 was up about 1.1% in the first five days of trading for 2023 through Monday, which some say is a good omen for the rest of the year.
The NASDAQ Composite Index improved 46.9 points to 10,682.55.
Wells Fargo upgraded AT&T to overweight from an equal weight rating, saying that shares look more attractive than Verizon.
Fed Chair Jerome Powell spoke Tuesday before the bell to the need for the central bank to stay politically independent while responding to inflation. Futures were little changed in response to his remarks.
Prices for the 10-year Treasury fell back, raising yields to 3.59% from Monday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices took on 56 cents to $75.19 U.S. a barrel.
Gold prices climbed $6.40 to $1,884.20 U.S. an ounce.
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