Equities in Canada’s largest market retreated slightly Tuesday from the dizzy heights of Monday, as health-care and resource stocks showed up in the red.
The S&P/TSX Composite index dipped 9.44 points to kick off Tuesday at 21, 237.57
The Canadian dollar lost 0.18 cents to 80.62 cents U.S.
Air Canada reported a smaller quarterly loss on Tuesday, as Canada's decision to open its borders to fully-vaccinated travelers and improving COVID-19 inoculation rates drove bookings at the country's largest carrier.
Shares in the Maple Leaf airline gained in altitude 86 cents, or 3.7%, to $23.87.
RBC cut the target price on Cargojet to $295.00 from $300.00. Shares in Cargojet plummeted $7.70, or 4.1%, to $178.50.
Canaccord Genuity initiated coverage on Copperleaf Technologies with a "buy" rating. Copperleaf shares strengthened 21 cents to $25.71.
National Bank of Canada raised the target price on Metro to $67.00 from $65.00. Metro shares jumped 72 cents, or 1.2%, to $63.13.
On the economic front, Statistics Canada reports building permits rose 4.3% to $10.1 billion in September, led by Ontario, which catapulted 6.3%.
The agency added that construction intentions in the residential sector were up 8.2%, while the non-residential sector decreased 3.2%.
ON BAYSTREET
The TSX Venture Exchange showed no signs of slowing down, climbing 8.71 points to 976.91.
Seven of the 12 TSX subgroups were higher in the first hour, with consumer staples gaining 0.6%, while financials and industrials each took on 0.5%.
The five laggards were weighed most by health-care, down 1.4%, materials, shedding 1.2%, and gold, dulling in price 0.9%>
ON WALLSTREET
The S&P 500 hovered near a record high on Tuesday, pausing ahead of the key Federal Reserve decision slated for Wednesday.
The Dow Jones Industrials moved doggedly forward 28.89 points to 35,942.73,
The S&P 500 advanced 8.19 points to 4,621.85, also attaining at an all-time high.
The NASDAQ Composite eked up 4.48 points to 15.600.39, and to record territory.
Tesla shares cooled off Tuesday after popping during the end of October. Shares of the electric automaker dipped 2%, though they are up more than 50% over just the past month.
The drop follows a report that the carmaker is recalling 11,700 of its vehicles due to a communications error, and a tweet from company founder Elon Musk that Tesla has yet to sign a contract with rental giant Hertz.
Pfizer shares rose 2% after the drug maker’s third-quarter profit topped expectations. It also raised its 2021 revenue and EPS outlook.
Under Armour shares soared 15% after the athletic retailer hiked its annual outlook, revealing the company is seeing progress in improving its brand image under CEO Patrik Frisk.
As of Monday evening, 55.8% of S&P 500 companies have reported quarterly financial results, with 82% beating earnings estimates.
The Fed, at the conclusion of its two-day meeting on Wednesday, is expected to announce it will begin unwinding its $120 billion in monthly bond purchases implemented during the pandemic.
The October jobs report is set for Friday.
Prices for 10-year Treasurys were unchanged, keeping yields at Monday’s 1.56%.
Oil prices dumped 84 cents to $83.21 U.S. a barrel.
Gold prices faded $3.80 to $1,792.00 U.S. an ounce.
