Markets in Toronto lost some steam at the opening on Tuesday, after U.S. billionaire investor Carl Icahn's comments on the recent rally in stock markets spurred investor caution.
The S&P/TSX composite index dropped 9.71 points to begin Tuesday at 13,448.35
The Canadian dollar subsided 0.16 cents to 95.73 cents U.S.
Icahn said on Monday he is "very cautious" on the stock market, saying he could see a "big drop" because earnings at many companies are fueled more by low borrowing costs rather than the strength of management.
Sears Canada reported a wider quarterly loss as it took one-time charges of $42.8 million related to restructuring and asset impairment. Sears stock, however, shot higher by $1.20, or 7.1%, to $18.00
Bombardier has signed a letter of intent to sell five CSeries jetliners to Iraqi Airways. Bombardier shares took on three cents to $4.68.
Canaccord Genuity raised the price target on Genworth MI Canada to $34.50 from $33 on valuation based on improved loss ratios. Genworth shares gained six cents to $33.60.
ON BAYSTREET
The TSX Venture Exchange inched forward 1.57 points to 923.36
Eight of the 14 TSX subgroups began the day downward, weighed mostly by real-estate, down 0.7%, while information technology slid 0.6%, and metals and mining gave back 0.3%.
The half-dozen gainers were led by gold, up 0.5%, materials, up 0.4%, and utilities, ahead 0.2%.
ON WALLSTREET
Investors were treading a bit more lightly Tuesday morning, a day after the Dow Jones Industrials and S&P 500 hit new milestones.
Still, the Dow gained 28.58 points from Monday’s all-time high close, to 16,004.60
The S&P 500 index dipped 1.29 points to 1,790.24. The NASDAQ recovered 11.18 points to 3,960.24.
JPMorgan Chase and the Justice Department are expected to finalize a $13-billion U.S. settlement related to the bank's past mortgage practices. The settlement and announcement could come as soon as Tuesday.
Shares of Nokia and Microsoft dipped following reports that shareholders approved Microsoft's planned acquisition of Nokia's mobile phone business.
On the earnings front, Best Buy reported quarterly revenue and profit that beat expectations. But shares tumbled after the electronics retailer said that more promotions during the holiday shopping season could hurt its profit margins.
Urban Outfitters shares slipped after the retailer offered cautious guidance for the fourth quarter.
Campbell Soup lowered its guidance after a weak quarterly report.
Home Depot reported significant growth in profit, revenue and same-store sales, and raised guidance for the year. Shares of the home improvement retailer rose on the news. Home Depot's rival Lowe's was also up. Lowe's will release its latest results before the opening bell on Wednesday.
Tesla shares steadied after falling sharply on news the National Highway Safety administration opened an investigation into vehicle fires.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.68% from Monday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices doffed 45 cents to $92.58 U.S. a barrel.
Gold prices were up $3.70 to $1,276 U.S. an ounce.
