Canada's main stock index slipped on Tuesday, dragged by mining shares as investors took profits after strong gains, while they awaited interest rate decisions from the U.S. Federal Reserve and the Bank of Canada later this week.
The TSX index came off its lows of the morning, but still trailed Monday’s close by 102 points to reach noon EST Tuesday at 32,991.32
The Canadian dollar surged 0.58 cents at 73.50 cents U.S.
In corporate news, investment fund La Caisse after the market closed on Monday said it will sell a part of its stake in telecom firm Cogeco Communications, whose shares dawdled $4.81, or 6.7%, to $66.95.
The information technology sector gained with electronics manufacturing services company Celestica rising $29.00, or 6.9%, to $451.46.
ON BAYSTREET
The TSX Venture Exchange let go of 24.76 points, or 2.2%, to 1,115.56.
Eight of the 12 TSX subgroups were lower at first, weighed most by gold, sliding 3.6%, materials, down 2.8%, and consumer staples, fading 1.7%.
The four gainers were led by information technology, up 0.8%, energy, ahead 0.6%, and utilities, up 0.5%.
ON WALLSTREET
The S&P 500 rose to a fresh all-time intraday high on Tuesday, aided by gains in Big Tech, as traders awaited earnings from companies in the sector. Traders also looked ahead to the Federal Reserve’s first policy meeting, due Wednesday.
The Dow Jones Industrials withered 487.38 points, or 1%, to 48,925.02
The much-broader index picked up 27.95 points to 6,978.18.
The NASDAQ hiked 213.28 points to 23,814.64, due largely to an 18% drop in UnitedHealth.
Apple advanced more than 2%, while Microsoft advanced more than 1%. More than 90 S&P 500 will have reported earnings by the end of the week. Meta Platforms and Microsoft, as well as fellow “Magnificent Seven” giant Tesla, are all due Wednesday. Apple will share its results on Thursday.
Shares of several big-name health insurers were among the laggards Tuesday, plunging after the Centers for Medicare & Medicaid Services proposed raising payments to Medicare Advantage insurers by a net average of just 0.09% in 2027. Shares of Humana slid 20%, while CVS Health lost 13%.
Prices for the 10-year Treasury stayed put, keeping yields at 4.22%.
Oil prices gained $1.36 to $61.99 U.S. a barrel.
Gold prices regained a dollar to $5,083.60
