Investors in Toronto likely collected some profits from Monday’s massive gains, brining the markets in Canada down by Tuesday’s closing bell, losses tied mostly to health-care stocks.
The S&P/TSX Composite index fell 77 points to end Tuesday at 21, 170.01
The Canadian dollar sank 0.19 cents to 80.62 cents U.S.
Health-care took the biggest walloping, as Bausch Health Companies dwindled $3.28, or 9.3%, to $31.99, while Organigram Holdings lost a nickel, or 1.8%, to $2.81.
Among energy stocks, Suncor got bruised $1.07, or 3.3%, to $31.97, while Crescent Point Energy ditched 19 cents, or 3%, to $6.13.
In other resource stocks, First Quantum Minerals unloaded $1.13, or 3.9%, to $28.13, while Hudbay Minerals surrendered 25 cents, or 2.9%. to $8.34.
Consumer staples did their best to even things out, with North West Company advancing 66 cents, or 2%, to $34.50, while Loblaw gained $1.74, or 1.9%, to $94.93.
Financials also prospered, as Equitable Group picked up $2.79, or 3.5%, to $82.50, while CI Financial added 80 cents, or 2.8%, to $29.04.
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 $1.05, or 4.6%, to $24.06.
ATS Automation also had a fine day, gaining $1.76, or 4.1%, to $44.89.
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 was positive 7.56 points to 975.76.
Eight of the 12 TSX subgroups were lower on the day, with health-care stocks trudging 3.6% lower, while energy and materials suffered 1.6% each.
The four gaining groups were led by consumer staples, up 1%, while financials improved 0.6%, and industrial stocks were 0.4% to the good.
ON WALLSTREET
The S&P 500 rose to a record high on Tuesday — ahead of a key Federal Reserve decision — as strong corporate earnings gave investors confidence in a year-end rally.
The Dow Jones Industrials gained 138.79 points to 36,052.63,
The S&P 500 advanced 16.98 points to 4,630.65, also attaining at an all-time high.
The NASDAQ Composite gained 53.69 points to 15.649.60, adding to Monday’s record.
This is the third session in a row that all three major averages closed at a record.
Pfizer shares rose 4.2% after the drug maker’s third-quarter profit topped expectations. It also raised its 2021 revenue and EPS outlook.
Under Armour shares soared 16.3% after the athletic retailer hiked its annual outlook, revealing the company is seeing progress in improving its brand image under CEO Patrik Frisk.
DuPont de Nemours rallied 8.8% after beating on the top and bottom lines of its quarterly results and Estee Lauder popped 4.1% on better-than-expected earnings and revenue.
Better-than-expected corporate earnings results boosted the U.S. stock averages to finish October at record highs, with the S&P 500 and Nasdaq posting their best months since November 2020.
As of Tuesday at the close, according to FactSet, 83% of S&P 500 companies that have reported earnings have topped analysts’ earnings expectations.
Meanwhile, Tesla shares cooled off Tuesday after popping during the end of October. Shares of the electric automaker dipped 3%, 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.
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 higher, lowering yields to 1.55% from Monday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices dumped 52 cents to $83.53 U.S. a barrel.
Gold prices faded $6.80 to $1,789 U.S. an ounce.
