Stocks in Toronto fell shortly after the open on Tuesday, on track for breaking a two-session win streak with metals and mining stocks leading declines.
Toronto’s S&P/TSX composite index faded 30.46 points, to begin Tuesday at 14,502.76
The Canadian dollar was unchanged at 78.49 cents U.S.
Swiss bank Syz & Co said it would buy the Royal Bank of Canada’s Swiss private bank, including 10 billion Swiss francs under management, the latest move by a foreign bank to exit Switzerland. RBC said it was exiting Switzerland in order to streamline its private banking activities.
RBC shares capsized 66 cents to $76.26.
A Quebec judge rejected Canadian Pacific Railway’s challenge to a settlement for victims of the Lac-Megantic crude-by-rail disaster on Monday, helping clear the way for compensation payments.
Parties previously named in a class action lawsuit, including closely-held Irving Oil, General Electric, Shell Oil Company, ConocoPhillips, Marathon Oil and others, have agreed to contribute to a $431-million compensation fund for victims of the July 6, 2013 rail disaster.
Shares in CP gave back 42 cents to $199.69.
BMO cuts price target to on WestJet Airlines to $33.00 from $37.00 based on underperformance of the company, particularly over the past nine months, renders the risk/reward in the stock more compelling.
WestJet shares dipped four cents to $23.61.
BMO cuts price target on Air Canada to $17.00 from $18.00 based on the company second-quarter preview and forward average fares holding well despite elevated ASM growth.
Shares in the Maple Leaf airline lost three cents to $13.25.
Alimentation Couche-Tard Inc reports earnings today, expecting Q4 earnings of 27 cents per share. Couche-Tard shares faded 36 cents to $53.38.
Theratechnologies Inc. also reports, projecting a Q2 loss of two cents per share. Theratechnologies shares ballooned 21 cents, or 10.3%, to $2.25.
ON BAYSTREET
The TSX Venture Exchange added 2.05 points to 646.51
Of the 14 TSX subgroups, nine were in negative country, with metals and mining sliding 1.2%, global base metals dipping 1.1%, and financials sinking 0.8%.
The four gainers were led by energy stocks, up 1%, gold, up 0.8%, and materials, ahead 0.2%. Information technology stocks were static in the day’s first hour.
ON WALLSTREET
U.S. stocks traded in a narrow range on Tuesday as investors eyed economic reports and earnings that continued to indicate less-than-robust growth, amid news of a deal in Iran.
The Dow Jones industrial average poked ahead 17.17 points to 17,994.85, with UnitedHealth leading advancers and Johnson & Johnson the greatest laggard.
The S&P 500 nicked up 4.01 points to 2,103.61, with energy leading six sectors higher and consumer staples the greatest decliner.
The NASDAQ index added 16.30 points to 5,087.81.
Second-quarter earnings season gets underway with banks JPMorgan Chase and Wells Fargo and pharmaceutical firm Johnson & Johnson reporting before the opening bell. CSX and Yum Brands report after the close.
JPMorgan Chase delivered quarterly earnings that topped analysts' expectations on Tuesday, helped by lower expenses. Revenue beat expectations slightly but was lower year-over-year.
Johnson & Johnson reported a 4% rise in quarterly profit as sales of its mainstay older drugs managed to offset the impact of a strong dollar on overseas revenue.
Wells Fargo posted earnings per share in-line with estimates on revenue slightly below expectations.
On the economic slate, retail sales showed a decline of 0.3%, missing expectations of a 0.3% increase.
In other economic news, May business inventories rose 0.3%, in-line with expectations. Business sales rose 0.4% after increasing 0.5% in April.
U.S. import prices unexpectedly fell in June as the lingering effects of a strong dollar offset rising costs for petroleum products, keeping imported inflation pressure under wraps.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 2.42% from Monday’s 2.44%. Treasury prices and yields move in opposite directions.
Oil prices inched up four cents a barrel to $52.24 U.S.
Gold prices surged $1.50 at $1,156.90 U.S. an ounce.
