Canada's benchmark stock index rose higher on Tuesday, while an uptick in gold prices added to gains in mining shares.
The TSX climbed 135.73 points to begin Tuesday, January and the New Year at 19,520.65.
The Canadian dollar fell 0.26 cents at 73.49 cents U.S.
Among single stocks, Shopify launched a product that would allow companies to customize tools and components required to build their online store, ramping up its efforts to attract big retailers. Shopify shares gained 50 cents, or 1.1%, to $47.51.
On the economic calendar, Markit Canada’s manufacturing PMI for December dipped to 56.5 from November’s 57.2.
ON BAYSTREET
The TSX Venture Exchange shot higher 8.65 points, or 1.5% to kick off Tuesday at 578.92.
All but two of the 12 subgroups were higher in the first hour on Tuesday, with gold ahead 3.8%, materials up 2.3%, and consumer staples advancing 1.2%.
The two laggards are energy, up 2%, and communications, inching down 0.1%.
ON WALLSTREET
Stocks fell Tuesday, giving up earlier gains, as concerns such as rising rates and high inflation that knocked the market down last year continued to trouble investors in the new year.
The Dow Jones Industrials fell 60.48 points to begin 2023 at 33,086.77
The S&P 500 skidded 16.15 points at 3,823.35
The NASDAQ Composite Index dumped 82.44 points to 10,384,44.
The major averages closed 2022 with their worst annual losses since 2008, snapping a three-year win streak. The Dow ended the year down about 8.8%, and 10.3% off its 52-week high. The S&P 500 lost 19.4% for the year and sits more than 20% below its record high. The tech-heavy NASDAQ tumbled 33.1% last year.
Of course, there may be brighter days ahead. History also shows the U.S. stock market tends to rebound after down years. In fact, the S&P 500 has, on average, rebounded by 15% in the next year following a year where it lost more than 1%.
Shares of Tesla and Apple both slipped, weighing on the broader market and carrying forward a main theme from 2022, when the technology sector was hit hard as the Federal Reserve raised rates to fight inflation. Tesla fell more than 10% following disappointing fourth quarter deliveries and Apple shed more than 3% on reports that it will cut production due to weak demand.
Prices for the 10-year Treasury gained ground, lowering yields to 3.78% from Friday’s 3.88%. Treasury prices and yields move in opposite directions
Oil prices dropped $1.79 to $78.47 U.S. a barrel.
Gold prices heightened $13.40 to $1,839.60 U.S. an ounce.
