Equities in Canada’s largest market edged lower on Tuesday as energy stocks weighed on the index, while U.S. Federal Reserve Chair Jerome Powell passed on commenting about the U.S. monetary policy outlook in his keenly awaited speech.
The TSX fell into the red 51.35 points to approach noon on Tuesday at 19,805.72.
The Canadian dollar dipped 0.18 cents at 74.47 cents U.S.
First Quantum Minerals shares were stuck at the level of Monday’s close, at $30.99, after the miner said it was in talks with the government of Panama to avoid halting operations at its mine over a contract dispute.
Step Energy Services fell three cents to $5.48, after the oilfield service company approved a $45-million increase in 2023 capital program.
Elsewhere, Advantage Oil weighed the energy segment down with a loss of 27 cents, or 3.2%, to $8.16, while Arc Resources lost 50 cents, or 3.1%, to $15.90.
Among industrial interests, Richelieu Hardware tumbled $1.44, or 3.8%, to $36.91, while GFL Environmental sank 83 cents, or 2%, to $40.42.
Health-care stocks tried to lift things up, as Bausch Health took on 18 cents, or 1.8%, to $10.27, while Chartwell Retirement Residences added 15 cents, or 1.7%, to $8.92.
ON BAYSTREET
The TSX Venture Exchange nosed ahead 1.03 points to 587.71.
Eight of the 12 subgroups withered by noon hour, with energy sputtering 1.3%, while industrials fell back 0.9%, and utilities were off 0.7%.
The four gainers were led by health-care, up 1.2%, gold, progressing 0.7%, and real-estate ahead 0.5%.
ON WALLSTREET
Stocks were little changed Tuesday as investors awaited economic data and corporate earnings coming later in the week for signs into how the Federal Reserve will move interest rates going forward.
The Dow Jones Industrials forged ahead 2.87 points to break for lunch Tuesday at 33,520.52
The S&P 500 was down 0.39 points to 3,891.70. The S&P 500 was up about 1.1% in the first five days of trading for 2023 through Monday, which some say is a good omen for the rest of the year.
The NASDAQ Composite Index doggedly hung onto 12.2 points to 10,645.91. The tech-heavy index has rallied in recent days as optimism over cooling inflation pushed investors to beaten-up technology stocks.
Wells Fargo upgraded AT&T to overweight from an equal weight rating, saying that shares look more attractive than Verizon.
Fed Chair Jerome Powell spoke Tuesday before the bell to the need for the central bank to stay politically independent while responding to inflation. Futures were little changed in response to his remarks.
Prices for the 10-year Treasury fell back, raising yields to 3.63% from Monday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices took on 42 cents to $75.05 U.S. a barrel.
Gold prices climbed $2.20 to $1,888.00 U.S. an ounce.
