Canada's main stock index opened lower on Tuesday, despite gains in rate-sensitive technology and utility stocks as U.S. Treasury yields slipped, while investors awaited a key monetary policy decision from the Bank of Canada (BoC) later in the week.
The TSX Composite slipped 16.94 points to begin Tuesday’s session at 19,029.80.
The Canadian dollar docked 0.23 cents at 72.82 cents U.S.
Teck Resources missed market estimates for third-quarter profit on Tuesday, pressured by lower prices for coal and zinc used for steel manufacture.
ON BAYSTREET
The TSX Venture Exchange regrouped 3.33 points to 522.26.
Seven of the 12 TSX subgroups were positive in the first hour, led by health-care plays, up 1.3%, information technology up 1.2%, and utilities, better by 0.9%.
The five laggards were weighed most by energy, down 0.9%, gold, settling 0.5%, and financials, off 0.3%.
ON WALLSTREET
Stocks rose Tuesday as investors focused on a fresh slate of earnings reports, and traders monitored the latest moves in Treasury yields.
The Dow Jones Industrials jumped 250.21 points to open Tuesday at 32,186.62.
The S&P 500 index gathered 28.66 points to 4,245.70.
The NASDAQ zoomed 107.11 points to 13,125.44.
Coca-Cola reported earnings and revenue that topped estimates, sending the stock up more than 3%. Spotify, meanwhile, popped 9% after the audio streaming giant posted third-quarter results that beat expectations.
General Motors shares ticked roughly 1.5% following better-than-expected third-quarter results. The company pulled its full-year outlook amid rising costs due to the United Auto Workers union strikes, however.
Alphabet and Microsoft are among companies posting results after the market closes. Other tech names reporting this week include Amazon and Meta
Prices for the 10-year Treasury inched forward, lowering yields to 4.86% from Monday’s 4.88%. Treasury prices and yields move in opposite directions.
Oil prices sank 51 cents to $84.98 U.S. a barrel.
Gold prices shed $12.20 to $1,975.60.
