Canada's main stock index settled back Tuesday, after getting an initial boost from higher gold and copper prices as investors await the Bank of Canada's policy meeting on Wednesday to gauge the path of interest rate hikes.
The TSX fell 43 points to open the session at 19,270.85, after a week in which the index lost 3%.
The Canadian dollar added 0.09 cents to 76.36 cents U.S.
Markets throughout North America were shuttered Monday for Labour Day.
ON BAYSTREET
The TSX Venture Exchange improved 3.45 points to 632.02.
All but two of the 12 TSX subgroups were lower in Tuesday’s first hour, with health-care subsiding 2.5%, information technology sliding 0.7%, and financials off 0.6%.
Gold gained 1.1%, and materials gathered 0.6%.
ON WALLSTREET
U.S. stocks fell on Tuesday, continuing a three-week losing trend, as bond rates surged, raising fears the Federal Reserve’s aggressive tightening campaign will end in pain for the economy.
The Dow Jones Industrials lost 123.26 points to start the shortened week at 31,195.18
The S&P 500 dipped 22.2 points to 3,902.06
The NASDAQ Composite dropped 121.66 points, or 1.1%, to 11,509.20, weighed down by tech stocks reversing earlier gains, such as Apple, Tesla, Nvidia and Microsoft.
Shares of Bed Bath & Beyond slipped more than 14% following news that CFO Gustavo Arnal died by suicide Friday, adding to days of losses. FedEx slumped more than 2.6% after Citi downgraded the company and slashed its price target.
The moves came after August ISM data Tuesday morning was stronger than expected, coming in at 56.9 versus expectations of 55.5. The report follows Friday’s jobs release, which also beat Wall Street’s expectations, showing a more solid U.S. economy than anticipated.
Treasury prices withered, raising yields to 3.32% from Friday’s 3.19%. Treasury prices and yields move in opposite direction.
Oil prices regained 34 cents to $87.21 U.S. a barrel.
Gold prices staggered $7.60 to $1,715.00 U.S. an ounce.
