Canadian stocks extended losses for the fourth straight session on Tuesday, with the main TSX index hitting a one-week low as domestic and global economic data raised concerns about a slowing recovery.
The TSX/S&P Composite swooned 103.34 points to break for lunch at 20,380.08
The Canadian dollar dissolved 0.32 cents to 79.23 cents U.S.
Westshore Terminals Investment jumped 35 cents, or 1.7%, to the top of the TSX at $21.34, after the marine port service provider's subsidiary entered into a conditional agreement to provide services to BHP Canada.
Lithium miner Lithium Americas fell $2.11, or 9.8%, to the bottom of the TSX, at $19.38.
On the economic slate, Statistics Canada reported Canadian investors acquired a record $28.1 billion in foreign securities in June, largely purchases of US shares. Meanwhile, non-residents added $19.6 billion in Canadian securities to their holdings, mainly in the form of money market instruments.
What’s more, Canada Mortgage and Housing Corporation reported the trend in housing starts was 286,620 units in July, down from 293,085 units in June.
Moreover, the opposition Conservative Party set out its election platform on Monday, with leader Erin O’Toole pledging to bring back jobs lost to the COVID-19 pandemic and to balance the federal budget within 10 years.
ON BAYSTREET
The TSX Venture Exchange sank 21.09 points, or 2.3%, to 884.58
Nine of the 12 TSX subgroups were lower early afternoon, weighed most by consumer discretionary, off 1.5%, health-care, down 1.4%, and materials, caving 0.8%.
The three gainers were communications and consumer staples, each up 0.2%, and gold, up 0.1%,.
ON WALLSTREET
U.S. stock indexes fell Tuesday as July retail sales declined, another sign the economy may be slowing a bit in the face of a COVID resurgence.
The Dow Jones Industrials stumbled 328.75 points from Monday’s all-time record to 35,296.65.
The S&P 500 dumped 40.98 points to 4,438.73,
The NASDAQ slipped 187.15 points, or 1.3%, to 14,606.61.
Home Depot fell roughly 5% after reporting second-quarter results, weighing on the Dow. While quarterly earnings topped estimates, same-store sales rose 4.5% in the period, below the 5% consensus estimate of analysts polled by StreetAccount. U.S. same store sales increased by just 3.4%.
Walmart shares inched higher after second-quarter earnings topped estimates. The retailer gained ground in groceries and reported a strong start to the back-to-school season.
Elsewhere, health care shares saw strength with the S&P 500 Health Care Sector hitting a record high. United Health, Merck and Johnson & Johnson all traded in the green.
Meanwhile, technology names trended lower. Big Tech shares, including Google-parent Alphabet, Amazon, Apple and Facebook, traded in the red.
Retail sales declined 1.1% in July, a steeper drop than the 0.3% dip expected by economists surveyed by Dow Jones. The Census Bureau revised June’s reading to a 0.7% jump.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.26% from Monday’s 1.27%. Treasury prices and yields move in opposite directions.
Oil prices lost 39 cents to $66.90 U.S. a barrel.
Gold prices gulched $5.80 to $1,784.30 U.S. an ounce.
