Stocks plunged at the open on Tuesday, as investors turned cautious about the impact of Iran's nuclear deal and an escalation of political tensions in parts of Asia.
The S&P/TSX composite index stumbled 50.36 points to open Tuesday at 13,421.86
The Canadian dollar faded 0.07 cents to 94.77 cents U.S.
The TSX gold sector was down as Goldcorp faded 10 cents to $24.21.
Raymond James started coverage on Delphi Energy with a strong buy rating and price target $2.45 on valuation. Delphi shares picked up 12 cents to $1.55.
BMO cut the price target on Detour Gold to $9.50 from $12, reflecting the lower spot gold price and a reduction in the value ascribed to exploration. Detour shares went south 24 cents to $3.53.
CIBC cut the target price on Kirkland Lake Gold to $4 from $4.50 as the gold miner reduced its production forecast for second-quarter of FY2014. Kirkland Lake shares lost 11 cents to $2.43.
ON BAYSTREET
The TSX Venture Exchange inched forward 0.51 points at Tuesday’s open to 929.77
All 14 TSX subgroups began the day negative, on the shoulders of global base metals, down 1.3%, metals and mining, off 0.8%, and health-care stocks, shedding 0.7%.
ON WALLSTREET
Stocks were in the pre-holiday doldrums Tuesday, but shares of a number of major retailers were on the move ahead of Black Friday.
The Dow Jones Industrials added 16.41 points from Monday’s all-time high, to 16,089.
The S&P 500 index deducted 1.12 points to 1,801.36. The NASDAQ moved higher 4.92 points to 3,999.50, again to within a hairsbreadth of that magical 4,000 mark.
Tiffany & Co. shares soared to an all-time high after the jewelry retailer said sales and earnings surged in the third quarter, driven by strong demand in China.
Shares of struggling retailer J.C. Penney also rose after CEO Mike Ullman spent $1 million U.S. to buy 112,000 shares, according to a regulatory filing. The move seemed to boost confidence in J.C. Penney's turnaround plan.
J.C. Penney, the worst performing stock in the S&P 500 this year, has bounced back 25% in the past month.
There was a new twist in the ongoing Men's Warehouse saga. Shares of Jos. A. Banks surged after Men's Warehouse offered to buy the rival suit seller for $1.5 billion U.S. The offer comes weeks after Jos. A Banks made a hostile takeover bid for Men's Warehouse, which is also facing a proxy fight by its largest shareholder.
Barnes & Noble shares fell after the bookseller reported disappointing quarterly results as sales of the Nook e-reader continue to plunge.
The retail sector is in focus as consumers gear up for the holiday shopping frenzy, which unofficially begins on Black Friday. Overall, sales growth is expected to be the weakest since 2008, according to predictions from Morgan Stanley.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
Prices for 10-year U.S. Treasuries moved ahead, lowering yields to 2.71% from Monday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices eased 16 cents to $93.93 U.S. a barrel.
Gold prices added $2.50 to $1,243.70 U.S. an ounce.
