Equities in Canada’s largest market edged lower on Tuesday, driven by losses in financial and capped communication sectors, although miners gained on the back of higher prices for precious metals.
The TSX dropped 71.47 points to lurch toward noon hour EDT at 19,713.40.
The Canadian dollar slid 0.04 cents to 73.79 cents U.S.
Among individual stocks, Bank of Montreal slid 94 cents to $112.15 after CIBC cut its target price on the stock to $120.00 from $134.00.
Trisura Group added 61 cents, or 2%, to $31.89, after brokerage TD Securities resumed coverage on the stock with a "buy" rating.
Canada's big bank results this week are expected to bring forth challenges faced by lenders in setting aside more funds for bad loans in a tough economy that has also led to a slowdown in deal-making and forced borrowers to rethink about fresh mortgages.
ON BAYSTREET
The TSX Venture Exchange handed back 1.91 points to 583.43.
Eight of the 12 TSX subgroups were lower, by noon, weighed by financials, off 1.1%, communications, sliding 0.6%, and consumer staples, dipping 0.5%.
The four gainers were led by gold, ahead 0.5%, while materials and information technology each climbed 0.3%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite hovered around the flatline Tuesday as the momentum seen in the previous session fizzled.
The Dow Jones Industrials retreated 89.38 points to lunch hour to 34,374.31.
The broader index forged ahead 1.73 points to 4,401.50.
The tech-heavy NASDAQ index acquired 51.25 points to 13,548.84.
Communication services and consumer discretionary sectors outperformed to lead the S&P 500 higher. Meanwhile, Lowe’s shares rose 3.4% after the company posted mixed results but reaffirming its full-year guidance. Hasbro was the best-performing S&P 500 stock, advancing more than 7.5%.
Home sales declined at a faster pace than expected in July as prices pushed higher, the National Association of Realtors reported Tuesday.
Existing sales dropped 2.2% from June, against the Dow Jones estimate for a 0.2% decline. Sales totaled 4.07 million, against the estimate for 4.15 million, and were off 16.6% from a year ago.
Prices for the 10-year Treasury were a titch higher, reducing yields to 4.33% from Monday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices fell back three cents to $80.69 U.S. a barrel.
Gold prices inched higher $1.70 to $1,924.70 U.S. an ounce.
