Canada's main stock index emerged from the shadows of negative readings, and came out into the sunlight by the end of Tuesday’s session, pulled there by strong gold and consumer stock performances.
The S&P/TSX Composite continued on its upward path, gaining 37.98 points to close Tuesday at 21,594.52.
The Canadian dollar picked up 0.15 cents at 80.36 cents U.S.
Among gold’s brightest stars was Wesdome Gold, up 48 cents, or 4%, to $12.64, while Kirkland Gold added two dollars, or 3.8%, to $54.32.
In consumer staples, Village Farms International soared $1.13, or 10.8%, to $11.55, while Saputo took on 75 cents, or 2.4%, to $31.57.
In materials, Pretium Resources vaulted $2.88, or 19.1%, to $17.98, while Agnico Eagle Mines muscled $2.34 higher, or 3.5%, to $69.07.
Health-care, which sprouted wings Monday, came closer to Earth Tuesday, with Cronos Group tumbling $1.24, or 14.9%, to $7.11, while Organigram Holdings shed 21 cents, or 6.8%, to $2.90.
In consumer discretionary stocks, bed giant Sleep Country Holdings dozed 84 cents, or 2.2%, to $37.55, while Magna International fell $1.63, or 1.5%, to $104.57.
In the energy sector, Tourmaline Oil stumbled $1.59, or 3.3%, to $46.26, while Parex Resources waned 54 cents, or 2.4%, to $22.51.
ON BAYSTREET
The TSX Venture Exchange regained 1.14 points to 997.63.
Seven of the 12 TSX subgroups were better, with gold up 1.5%, consumer staples improved 1.2%, and materials up 0.4%.
The five laggards were weighed most by yesterday’s champion, health-care, fading 0.6% Tuesday, while consumer discretionary stocks waned 0.4%, and energy sputtered 0.3%.
ON WALLSTREET
The S&P 500 closed lower Tuesday for the first time in nine sessions as investors took some profits after an October rally and awaited key inflation data ahead.
The Dow Jones Industrials came off its lows of the afternoon, but remained in the red 112.34 points, to wrap up Tuesday at 36,319.98
The S&P 500 stumbled 16.45 points from Monday’s all-time high at 4,685.25.
The NASDAQ Composite lost 95.81 points to 15,886.54.
All three major averages dipped from record highs. The S&P 500 on Monday posted its 64th record close of the year and eighth straight positive day — its longest winning streak since April 2019.
PayPal on Tuesday was the biggest laggard on the S&P 500 and NASDAQ Composite, sinking 10.5%. The digital payments company missed on quarterly revenue expectations and issued weaker-than-expected fourth-quarter and full-year guidance.
Tesla shares fell nearly 12%, also weighing on the S&P 500 and NASDAQ Composite. The stock continued its retreat after founder Elon Musk this weekend asked in a Twitter poll whether he should sell 10% of his stock, with nearly 58% of respondents saying yes. Even after Tuesday’s pullback, Tesla is up more than 44% this year.
On the upside, shares of GE added 2.7% after the industrial giant announced it will split into three public companies focusing on aviation, healthcare and energy. The stock led gains on the S&P 500.
Wholesale prices jumped 8.6% in October from a year ago, the hottest annual pace on record in nearly 11 years, the U.S. Labor Department said Tuesday. The October producer price index rose 0.6% month over month, in line with the Dow Jones consensus estimate. The reading
measures the costs of final-demand manufactured goods.
Strong earnings results have also supported stocks in running to new highs. Through Tuesday morning, 459 companies in the S&P 500 have reported quarterly results, with 81% beating earnings estimates.
Prices for 10-year Treasurys strengthened, lowering yields to 1.44% from Monday’s 1.50%. Treasury prices and yields move in opposite directions.
Oil prices added $2.45 to $84.38 U.S. a barrel.
Gold prices regained $6.50 to $1,834.50 U.S. an ounce.
