Stocks in Canada’s largest market moved downward early Tuesday, after deadly blasts in Brussels dampened investor sentiment and prompted a flight towards safe-haven assets such as gold.
The S&P/TSX Composite Index fell 44.77 points to open Tuesday at 13,516.82
The Canadian dollar regained 0.08 cents to 76.42 cents U.S.
Experts say a move by Valeant Pharmaceuticals International to single out two former top executives over its accounting problems is likely a bid to win leniency with government agencies investigating the drug maker.
Valeant stock improved 86 cents, or 2.3%, to $38.76.
Canaccord Genuity upped its target price on First Quantum Minerals to $9.00 from $6.00
First Quantum shares deducted three cents to $8.37.
Canaccord then raised its target price on Lundin Mining to $6.00 from $4.50. Lundin shares lost nine cents, or 2.1%, to $4.30.
J.P. Morgan resumed coverage on Suncor Energy with a neutral rating, setting a price target of $34.00. Suncor shares fell 13 cents to $36.18.
Tuesday is Federal Budget Day in Canada, and Finance Minister Bill Morneau has promised stimulus spending to boost economic growth. The document will be presented in the House of Commons at 4 p.m. EDT, after the markets close.
ON BAYSTREET
The TSX Venture Exchange gained 1.83 points to 584.24
All but three of the 13 TSX subgroups lost ground, with consumer discretionary stocks falling 1.1%, industrials sinking 1%, and the metals and mining sector lost 0.8%.
The three gainers were gold, up 2%, materials, ahead 0.6%, and energy, eking up 0.1%.
ON WALLSTREET
U.S. stocks traded lower Tuesday as traders worried about explosions in Belgium's capital that killed more than two dozen people at the airport and metro system.
The Dow Jones Industrials jettisoned 46.18 points to 17,577.06, with American Express leading decliners and Wal-Mart the top advancer.
The S&P 500 faded 10.92 points to 2,040.68. Financials traded more than 0.5% lower to lead S&P 500 decliners. The S&P briefly fell back into negative territory for the year so far in morning trade.
The NASDAQ index lost 2.23 points to 4,806.64
Airliners led declines on the Dow Transport sector, with Delta Air Lines temporarily falling more than 3%.
Nike turned lower ahead of its earnings report, scheduled for after the close.
In U.S. economic news, domestic home prices rose 0.5% in January on a seasonally-adjusted basis from the previous month, according to FHFA. House prices were up 6% from January 2015 to January 2016.
Markit's flash U.S. manufacturing PMI was 51.4.
Prices for the 10-year Treasury gained ground, lowering yields to 1.89% from Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices dipped 44 cents a barrel to $41.08 U.S.
Gold prices regained $10.56 to $1,254.31 U.S. an ounce.
