Canada's main stock index was flat by noon EDT Tuesday, driven by rate-sensitive technology and utility stocks as U.S. Treasury yields slipped, while investors awaited key monetary policy decisions from the Bank of Canada (BoC) later in the week.
The TSX Composite was 6.18 points below breakeven to pause for lunch at 19,040.56.
The Canadian dollar docked 0.3 cents at 72.75 cents U.S.
Teck Resources missed market estimates for third-quarter profit on Tuesday, pressured by lower prices for coal and zinc used for steel manufacture.
Teck shares collapsed $3.82, or 7.2%, to $49.41.
ON BAYSTREET
The TSX Venture Exchange regrouped 3.91 points to 522.84.
Seven of the 12 TSX subgroups were positive midday, led by health-care plays, up 2%, while utilities and communications were each better by 1.2%.
The five laggards were weighed most by energy and industrials, each down 0.7%, and financials, off 0.5%.
ON WALLSTREET
Stocks rose Tuesday as investors focused on a fresh slate of earnings reports, and traders monitored the latest moves in Treasury yields.
The Dow Jones Industrials came off their highs of the morning, but remained positive 186.07 points to 32,122.48.
The S&P 500 index gathered 20.62 points to 4,237.66.
The NASDAQ collected 73.26 points to 13,091.59.
Coca-Cola reported earnings and revenue that topped estimates, sending the stock up about 3%. Spotify, meanwhile, popped 11% after the audio streaming giant posted third-quarter results that beat expectations.
General Motors shares ticked down 0.4% following better-than-expected third-quarter results. The company pulled its full-year outlook amid rising costs due to the United Auto Workers union strikes, however.
Alphabet and Microsoft are among companies posting results after the market closes. Other tech names reporting this week include Amazon and Meta
Around 150 S&P 500 companies are slated to report this week. Thus far, the season is off to a solid start. Roughly 23% of S&P 500 companies have already reported earnings, and 77% of them have posted earnings surpassing analysts’ expectations.
Prices for the 10-year Treasury inched forward, lowering yields to 4.84% from Monday’s 4.88%. Treasury prices and yields move in opposite directions.
Oil prices sank $2.24 to $83.25 U.S. a barrel.
Gold prices shed $6.80 to $1,981.00.
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