The Toronto stock market was lower Tuesday amid another round of worries about a slowing global economy.
The S&P/TSX composite index approached noon down 105.49 points to 12,313.50
The Canadian dollar lost 0.02 cents to 102.17 cents U.S.
The gold sector lost ground as Barrick Gold Corp. faded 67 cents to $40.46.
December copper clawed back some of Monday’s six cent loss, rising one cent to $3.73 U.S. a pound. The base metals sector was little changed but Teck Resources ran ahead 44 cents to $30.54.
Research In Motion helped take the tech sector down after research analysts at Jefferies Group reaffirmed its underperform rating for the BlackBerry maker. RIM shares fell 39 cents to $7.67.
Stock markets were closed in Canada Monday for Thanksgiving
On the economic calendar, Canada Mortgage and Housing Corporation reported this morning that he annual rate of housing starts declined in September to 220,215, down from 225,328 a month earlier.
ON BAYSTREET
The TSX Venture Exchange slipped 15.79 points to 1,339.76
All but one of the 14 Toronto subgroups were down at noon, weighed mostly by material and gold issues, each down 1.6%, while health-care caved in 1.5%.
The lone holdout was global base metals, up 0.8%.
ON WALLSTREET
Stocks fell Tuesday as investors gear up for the unofficial start of the third-quarter earnings season. Despite the day's weakness, the Dow and S&P 500 continue to hover near five-year highs.
The Dow Jones Industrial average capsized 82.13 points, to 13,501.50
The S&P 500 backpedaled 10.23 points to 1,445.65, while the tech-rich Nasdaq lost 38.88 points to 3,073.48
Even so, the Dow is just 4% away from its all-time closing high of 14,164.53, reached exactly five years ago today, while the S&P 500 is about 7% away from its record closing high of 1,565.15.
The Nasdaq has been trading near its highest levels since November 2000, but has a ways to go before it reaches its record high above 5,000 reached in March 2000.
Netflix shares tumbled following a downgrade by Bank of America.
Shares had risen 10% the previous day after an upgrade by Morgan Stanley Shares of Edwards Lifesciences sank a day after the medical device company revised down its quarterly sales forecast.
Shares of drug maker Eli Lilly gained ground on news that its drug -- still in the testing phase -- could slow down memory decline in Alzheimer patients with mild symptoms.
Aluminum producer Alcoa, considered a bellwether of the economy because of its global reach, will be the first Dow component to report after the bell.
Also on tap to report Tuesday is KFC and Taco Bell owner Yum Brands, which has a big presence in China. The week will culminate with the first big bank earnings: JPMorgan Chase and Wells Fargo are both set to report before the market opens on Friday.
Late Monday, the International Monetary Fund projected world economic growth of 3.3% this year and 3.6% next year. It also said Italy, Spain and others will likely miss budget deficit targets this year.
The price of the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.71% from 1.75% late Friday. The bond market was closed on Monday for the Columbus Day holiday.
Oil prices regained $2.32 to $91.65 U.S. a barrel.
Gold prices slipped $9.90 to $1,765.90 U.S. an ounce.
