Equity markets in Toronto had difficulty finding their footing, even after the Chinese government reassured investors it would ensure growth does not sink below 7%.
The S&P/TSX Composite Index began Tuesday down 3.13 points to 12,755.25
The Canadian dollar gained 0.21 cents to 96.97 cents U.S.
Canadian National Railway said it expects the boom in crude-by-rail shipments to continue, despite the Lac-Megantic tragedy and even as narrowing spreads between benchmark world oil prices raise questions about the economics of rail transport. CN shares dived $1.34 to $103.72.
CIBC raised the price target of Bonterra Energy Corp to $59 from $55. Bonterra shares took on 22 cents to $44.32.
CIBC also lowered the price target on Peyto Exploration & Development Corp to $38 from $33. Peyto shares gave back 10 cents to $29.07
Finally, CIBC lowered the price target on Trilogy Energy Corp to $38 from $36, on revised commodity price forecasts as oil differentials and natural gas improve. Trilogy shares responded by gaining 33 cents to $29.92.
China must deepen reforms to address a slew of challenges, President Xi Jinping said in comments that emphasize the government's determination to restructure the slowing economy.
On the economic slate, Statistics Canada reported this morning that retail sales burst out of their shell during May, growing 1.9% following two consecutive flat months. It’s the largest growth rate for retail sales since March 2010.
ON BAYSTREET
The TSX Venture Exchange added 0.80 points to open Tuesday at 930.18
Of the 14 Toronto subgroups, gainers outnumbered losers eight to six. Global base metals led the charge, taking on 1.3%, metals and mining stocks advanced 1.2%, and energy stocks were 0.4% more energetic.
The half-dozen laggards were anchored mostly by gold, off 0.5%, industrials, down 0.3%, and materials, sinking 0.2%.
ON WALLSTREET
U.S. stocks inched higher into record territory Tuesday as investors remain optimistic about second-quarter corporate earnings.
The Dow Jones Industrials grew 41.27 points to begin the trading day at 15,586.80, surpassing its record closing high.
The S&P 500 index lopped off 0.84 points to 1,694.69. The NASDAQ dropped 5.52 points to 3,594.87
All three major U.S. indexes are up roughly 19% so far this year.
UPS reported earnings in line with its preliminary expectations. The packing and shipping company said volume in the U.S. and internationally grew, even as revenue came in slightly below forecasts.
Travelers reported a boost in quarterly profit , citing "lower catastrophe losses."
DuPont reported earnings that beat forecasts but revenue fell short, which the company blamed on slipping chemical sales and economic headwinds in Europe and Asia.
Texas Instruments shares rose after the semiconductor maker reported quarterly earnings that came in ahead of expectations.
Lockheed Martin said net income rose 10% in the second quarter, despite a 4% drop in revenue.
Wendy's reported better-than-expected earnings and announced plans to sell 425 company-owned restaurants.
Netflix shares sank after the streaming-video service added fewer subscribers than expected in the second quarter.
Apple is expected to report a drop in quarterly profit after the market closes. AT&T will also release its results after the closing bell.
Meanwhile, Cisco announced plans to buy cybersecurity company Sourcefire for $2.7 billion U.S.
Prices for the 10-year U.S. Treasury were down, raising yields to 2.52% from Monday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices dropped 71 cents to $106.23 U.S. a barrel.
Gold demurred $7.50 to $1,328.50 U.S. an ounce.
