Equity markets in Canada’s biggest centre slipped on Tuesday as falling oil and gold prices hurt the shares of energy companies and gold miners.
The S&P/TSX composite index remained negative 20.51 points to greet noon at 15,605.22.
The Canadian dollar faded 0.46 cents at 91.54 cents U.S.
Markets on both sides of the border were shuttered for Labour Day.
The retreat comes in the broader context of a climbing index hitting fresh record highs often during three straight months of gains.
Among the heaviest weights on the resource-rich index was Suncor Energy, down 1.7% at $43.58, and Canadian Natural Resources, off 1.7% at $46.54.
Goldcorp lost 3.7% to $29.39 and Barrick Gold shed 2.2% to $57.00, while smaller miners also pulled back.
Plane and train maker Bombardier gave up 1.1% to $3.62, adding to a plunge on Friday after a Swedish carrier backed out as the first customer to start commercial flights with its new CSeries jet.
ON BAYSTREET
The TSX Venture Exchange fell 8.33 points midday to 1,015.66.
Nine of the 14 Toronto subgroups were higher, led by health-care, ahead 1.2%, while information technology clicked 1.1% higher, and industrials were stronger 0.8%.
The five laggards were weighed mostly by gold, losing 2.6% of its luster, energy, 1.6% less energetic, and materials, sliding 1.4%.
ON WALLSTREET
The U.S. stock market pulled back Tuesday, but Staples jumped after an upgrade and Apple, Tesla and Regeneron also climbed.
The Dow Jones Industrials shed 38.60 points to 17,059.85.
The S&P 500 dipped 3.12 points to 2,000.25. The NASDAQ gained 8.94 points to 4,589.21.
Staples jumped 7%, performing best among S&P 500 stocks, while Regeneron Pharmaceuticals Inc. climbed 3.6% for the second-best gain.
Staples climbed after Credit Suisse hiked its rating for the retailer to outperform from neutral. Regeneron advanced following encouraging data on a cholesterol-lowering drug, according to a Dow Jones Newswires report.
Apple gained 0.7% and hit another intraday record, as buzz builds ahead of a Sept. 9 event at which the highly anticipated iPhone 6 and possibly the iWatch are expected to be unveiled.
Tesla Motors jumped 4.8%, also hitting an intraday record, as Stifel Nicolaus hiked its rating for the maker of electric cars to buy and set a $400 U.S. price target.
Wynn Resorts fared worst among S&P 500 stocks, losing 5.4%. Casino operators dropped following news of an August decrease in gambling revenue in Macau.
The day’s data highlight is the Institute for Supply Management manufacturing reading, and that figure came in at 59.0%, easily topping the consensus forecast from economists polled by MarketWatch.
U.S. manufacturing companies grew in August at the fastest pace since March 2011, according to the ISM report.
Construction spending jumped 1.8% in July, also above expectations, and the final reading for Markit’s U.S. manufacturing purchasing managers’ index was 57.9 in August, down slightly from the flash reading of 58.0.
Prices for 10-year U.S. Treasuries dropped off sharply, raising yields 2.41% from Friday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.25 to $93.71 U.S. a barrel.
Gold prices fell $22.50 to $1,264.90 U.S. an ounce.
