Equities in Canada’s largest market index trundled lower on Tuesday, as gains in commodity-linked stocks were countered by weakness in healthcare and concerns around escalating tensions between Russia and Ukraine.
The S&P/TSX index lost 80.05 points to reach noon hour Tuesday at 20,928.15.
The Canadian dollar nosed ahead 0.12 cents to 78.51 cents U.S.
Markets were shuttered Monday for Family Day.
Parliament backed Prime Minister Justin Trudeau's decision on Monday to invoke rarely-used emergency powers to end pandemic-related protests that have blocked streets in the capital Ottawa for more than three weeks.
ON BAYSTREET
The TSX Venture Exchange faded 18.11 points, or 2.2%, to 834.04.
All but two of the 12 subgroups were in negative country, with health-care sliding 2.8%, consumer discretionary stocks listing lower 1.2%, and information technology off 1%.
The two gainers were energy, up 1.4%, and real-estate, better by 0.2%.
ON WALLSTREET
The major averages dipped on Tuesday as traders continue to monitor brewing tensions between Russia and Ukraine.
The Dow Jones dropped 295.58 points to 33,783.50.
The S&P 500 lost 28.84 points to 4,320.03.
The NASDAQ index 141.56 points, or 1%, to 13,406.50.
The U.S. stock market was closed Monday due to the President’s Day holiday.
Energy stocks bucked the broader market’s trend with Exxon Mobil rising 1.8% and ConocoPhillips adding 2.8%.
Home Depot reported quarterly profit of $3.21 a share, three cents better than estimates, and said it sees earnings and revenue growth this year. Shares, however, fell 4.5%.
Meanwhile, Macy’s popped more than 5% after beating on the top and bottom lines of its quarterly results. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase
In deal news, Houghton Mifflin Harcourt shares surged 14.4% after the company said it would be taken private by Veritas Capital in a deal worth $21 a share, representing a nearly 16% premium from Friday’s close. The deal is expected to be completed in the second quarter.
On the economic data front, the IHS Markit manufacturing Purchasing Managers Index rose to 52.5 in February from 50.5. The IHS Markit services PMI jumped to 56 in February from 51.1 the month prior.
Russian President Vladimir Putin said Monday that he would recognize the independence of two breakaway regions in Ukraine, potentially undercutting peace talks with President Joe Biden. That announcement was followed by news that Biden was set to order sanctions on separatist regions of Ukraine, with the European Union vowing to take additional measures.
Home Depot reported quarterly profit of $3.21 a share, three cents better than estimates, and said it sees earnings and revenue growth this year. Shares, however, fell 4.5%.
Meanwhile, Macy’s popped more than 3% in premarket trading after beating on the top and bottom lines of its quarterly results. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase
In deal news, Houghton Mifflin Harcourt shares surged 14.4% after the company said it would be taken private by Veritas Capital in a deal worth $21 a share, representing a nearly 16% premium from Friday’s close. The deal is expected to be completed in the second quarter.
Traders are also keeping an eye on the Federal Reserve, as the U.S. central bank is expected to raise rates multiple times starting next month. Traders are betting that there is a 100% chance of a Fed rate hike after the March 15-16 meeting, with expectations tilting toward a 0.25-percentage-point move.
Yields for the 10-year Treasury registered at 1.95%.
Oil prices gained $2.96 to $94.03 U.S. a barrel.
Gold prices picked up $6.10 to $1,905.90.
