Canada's main stock index was in heavy loss country at the close on Tuesday, led by losses in energy, while investors were disappointed that core inflation rose more than expected in December ahead of next week's interest rate decision by the Bank of Canada.
The TSX Composite closed Tuesday negative 113.79 points at 20,948.09.
The Canadian dollar erased 0.33 cents to 74.09 cents U.S.
Among individual stocks, Barrick Gold slumped $2.08, or 8.8%, to $21.55 after the company reported preliminary gold output of 4.05 million ounces in the financial year 2023, below its forecast and analysts' estimates of 4.16 million ounces. Seabridge Gold dished off 61 cents, or 4%, to $14.60.
First Majestic Silver took it on the chin, hammered 60 cents, or 8.1%, to $6.81, while Interfor slipped $1.07, or 4.5%, to $22.91.
Among energy issues, Parex Resources was pounded $3.99, or 15.5%, to $21.70, while Tourmaline Oil was off $3.84, or 6.2%, to $58.50.
Tilray tried to pull health-care issues out of the pit, gaining 17 cents, or 6.5%, to $2.79.
In communications, Cogeco surged $1.98, or 3.2%, to $63.06, while Quebecor gathered 33 cents, or 1%, to $33.22.
Consumer staples were also n the green, with Jamieson Wellness gaining 34 cents, or 1.1%, to $31.60, while Loblaw Companies hoisted $1.43, or 1.1%, to $132.80.
On the economic board, Statistics Canada reported the Consumer Price Index rose 3.4% on a year-over-year basis in December, following a 3.1% increase in November. On a seasonally adjusted monthly basis, the CPI rose 0.3% in December.
Canada Mortgage and Housing Corporation told us housing starts registered 249,300 in December, compared to 212,600 in November.
ON BAYSTREET
The TSX Venture Exchange sank 6.18 points, or 1.1%, to conclude Tuesday at 558.24
Seven of the 12 subgroups were lower on the day, gold shedding 3.2%, energy sliding 3% and materials down 2.2%.
The five gainers were led by health-care, surging 0.8%, while communications picked up 0.6%, and consumer staples improved 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average fell sharply Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings.
The 30-stock index plunged 231.86 points at 37,361.12.
The S&P 500 sank 17.85 points to 4,765.98.
The NASDAQ fell 28.41 points to 14,944.35.
Boeing shares tumbled about 7.9% after Wells Fargo downgraded the company to equal weight from overweight, amid ongoing troubles with its 737 Max 9 model. Meanwhile, AMD shares jumped 8.3% following upbeat analyst commentary on semiconductor demand. The chipmaker, which is trying to catch Nvidia in the artificial intelligence race, rose to a new 52-week high, and is scheduled to report its quarterly results on Jan. 30.
Several major banks released their quarterly earnings Tuesday morning. Goldman Sachs reported better-than-expected profit and revenue, while Morgan Stanley posted a revenue beat in the fourth quarter. Shares of Goldman Sachs inched up 0.7%, while Morgan Stanley declined more than 4%.
Roughly 30 S&P 500 companies have reported calendar fourth-quarter results thus far. Of those, 78% have beaten earnings expectations.
Investors are also looking ahead to December retail sales data out Wednesday, which could fuel recessionary fears and concerns about economic growth if U.S. consumer spending sees a cooldown.
Wall Street is coming off its 10th positive week in 11. The Dow and S&P 500 gained 0.3% and 1.8%, respectively, last week. The Nasdaq jumped 3% for its biggest weekly gain since November.
Prices for the 10-year Treasury slipped, raising yields to 4.07% from Friday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 79 cents to $71.89 U.S. a barrel.
Gold prices dipped $19.90 to $2,031.70.
Selloff Continues, Indices Punished
