TSX Flat Midday

Aritzia, Bombardier in Focus

Canada's main stock index was little changed on Tuesday, as weakness in consumer staples stocks was offset by gains in commodity-linked shares, while fears around higher inflation dented market sentiment.

The TSX Composite scaled back 7.52 points by noon EDT Tuesday to 20,408.79

The Canadian dollar climbed $0.18 cents to 80.31 cents U.S.

Stock markets in Canada were closed Monday for Thanksgiving.

The Canadian equity index has gained around 17% so far this year on hopes of a steadier post-pandemic economic recovery, however, it recently lost steam on persisting concerns over higher inflation derailing the global economic growth.

Aritzia dropped $1.79, or 4.3%, to $40.36, while Bombardier deducted three cents, or 1.5%, to $2.00, to prove the biggest decliners on the index.

ON BAYSTREET
The TSX Venture Exchange gained 15.6 points, or 1.8%, to 893.08.

Eight of the 12 TSX subgroups were lower, as information technology dipped 0.7%, consumer staples sagged 0.6%, and consumer discretionary stocks fell 0.5%.

The four gainers were led by materials, up 1.3%, utilities, surging 1.1%, and gold, up 0.9%.

ON WALLSTREET

U.S. stock indexes churned in volatile trading Tuesday following two straight losing days.

The Dow Jones Industrials began the afternoon Tuesday up 47.69 points, to 34,543.75.

The S&P 500 inched up 8.32 points to 4,369.51. Tech names like Micron, Citrix and HP were among the S&P 500's biggest laggards.

On the upside, shares of MGM Resorts jumped after Credit Suisse upgraded the casino stock to outperform.

The NASDAQ Composite added 35.06 points to 14,521.26.

All three major indexes are coming off two consecutive negative sessions as inflation and economic growth concerns loom.

The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent COVID spread.
The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot.

Job openings in August fell by more than half a million to 10.4 million, according to the Labor Department’s latest Job Openings and Labor Turnover Survey released Tuesday.

JPMorgan Chase and other big banks are set to kick off the third-quarter earnings season later this week.

Earnings growth is expected to grow about 30% year over year this quarter following a 96.3% expansion in the second quarter,

Prices for 10-year Treasurys lost some strength, raising yields to Monday’s 1.61%. Treasury prices and yields move in opposite directions.

Oil prices gained 19 cents to $80.71 U.S. a barrel.

Gold prices hiked $6.20 to $1,761.90 U.S. an ounce.