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Stocks Down as Industrials Drag

Scotiabank in Spotlight

Canada's main stock index dipped on Tuesday, led by losses in industrials shares, while investors assessed domestic producer price data for more clues on Bank of Canada's interest rate path.

The S&P/TSX Composite Index sank 71.61 points to move into Tuesday afternoon at 22,298.77.

The Canadian dollar slid 0.04 cents at 73.34 cents U.S.

Investors also monitored the banks reporting earnings, with Bank of Nova Scotia posting better-than-expected quarterly results, boosted by a rise in brokerage revenue in Canada and mutual fund fees overseas as well as higher capital markets income. Scotiabank shares lost 39 cents to $65.20.
On the economic slate, Statistics Canada said its Industrial Product Price Index rose 1.5% month over month in April and increased 1.4% year over year. The Raw Materials Price Index increased 5.5% monthly in April 2024 and was 3.1% higher compared with April 2023.


The TSX Venture Exchange regained 3.72 points to break for lunch at 610.13.

Eight of the 12 subgroups were negative, with industrials down 1.3%, consumer discretionary stocks losing 1.2%, and real-estate off 1.1%.

The four gainers were led by energy, up 1.1%, gold soaring 1%, and materials up 0.7%.


The NASDAQ Composite climbed to a new high on Tuesday as Nvidia’s ascent provided upward momentum for the tech-heavy index in an otherwise lackluster trading day.

The Dow Jones Industrials dumped 156.96 points to start a short week at 38,912.63.

The S&P 500 inched forward 4.66 points to 5,309.38.

The NASDAQ barreled ahead 93.92 points to 17,014.72.

Nvidia shares jumped more than 4%, extending last week’s rally. On the other hand, the blue-chip Dow was weighed down by a slide of more than 2% in Merck.

Those moves come near the end of a strong month, with all three major indexes recording fresh record levels in May. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated. The Dow has added around 3%, while the S&P 500 gained 5% and NASDAQ has climbed more than 8%.

Prices for the 10-year Treasury were down, raising yields to 4.5% from Friday’s 4.47%. Treasury prices and yields move in opposite directions.

Oil prices picked up $2.02 to $79.74 U.S. a barrel.

Gold prices added $27.10 to $2,361.60.