Equity markets in Canada’s largest centre ?opened higher on Tuesday, supported by easing investor nerves after the United States paused a planned attack in response to Tehran's peace ?proposal, fueling hopes that a deal may ?be close.
The TSX Composite Index wilted 0.83 points to begin Tuesday at 33,833.62.
Markets in Canada were closed Monday for Victoria Day.
The Canadian dollar slid 0.13 cents to 72.65 cents U.S.
On the economic calendar, Statistics Canada reports, the total value of building permits issued in Canada increased $1.3 billion (+10.3%) in March to $13.5 billion, while the Consumer Price Index increased 2.8% year over year in April, up from an increase of 2.4% in March. On a seasonally adjusted monthly basis, the CPI rose 0.3% in April.
Lastly, April’s new housing price index decreased 0.4%, compared to a drop in March of 0.2%.
ON BAYSTREET
The TSX Venture Exchange erased 27.13 points, or 2.7%, in the first hour of trade Tuesday to 961.70.
All but three of the 12 TSX subgroups gained ground, with information technology ahead 2.2%, while energy rumbled 1.6%, and telecoms gathered 1.5%.
The three laggards were materials, down 3.5%, gold scaled down 3%, and consumer discretionaries, off 0.5%.
ON WALLSTREET
Stocks fell Tuesday as a jump in bond yields threatened the bull market by adding pressure on the U.S. consumer and undermining the growth of technology stocks.
Traders also kept an eye on the oil market following President Donald Trump’s cancellation of planned attacks on Iran, as well as recent pressure on chip stocks.
The Dow Jones Industrials dropped 142.63 points, or to close Tuesday at 49,543.49.
The S&P 500 dumped 61.06 points to 7,341.99.
The NASDAQ sank 346.62 points, or 1.3%, to 25,744.12.
Investors continued to take profits on concern about valuation and the sustainability of data center spending. Nvidia, which will report its fiscal first-quarter earnings after the bell on Wednesday, headed for its third-straight decline, down 0.5%. Qualcomm slid more than 3%, and Broadcom pulled back 1.8%.
Crude prices were down Tuesday after President Donald Trump announced late Monday that he was calling off a plan to attack Iran after the heads of three regional powers in the Middle East asked him to “hold off.”
Prices for the 10-year Treasury eked upward, lowering yields to 4.66% from Monday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices nicked $1.10 lower to $107.56 U.S. a barrel.
Gold prices slid $59.60 to $4,498 U.S. an ounce.
