Canada's main stock index edged lower on Tuesday, as a fall in gold prices weighed on the materials sector.
The S&P/TSX Composite Index descended 30.71 points to approach noon at 15,577.17
The Canadian dollar lost 0.28 cents to 77.62 cents U.S.
The materials group was down, led by losses in shares of First Quantum Minerals and Agnico Eagle Mines.
Among stocks, the largest percentage gainer on the TSX was Colliers International Group, which rose 5%, after the company reported first-quarter results that topped analysts' estimates.
Oil and gas producer Encana Corp beat analysts' estimates with a 50% rise in adjusted profit for the first-quarter, sending its shares up 4%.
Shopify Inc was the biggest percentage loser, with a 9.4% drop, despite posting a surprise quarterly profit and lifting its full year outlook
Among the most active Canadian stocks by volume were Aurora Cannabis, Neovasc Inc and Baytex Energy.
On the economic front, Statistics Canada said Canada’s Gross Domestic Product rose 0.4% in February, as 15 of 20 industrial sectors increased. The growth was led by a rebound in the mining and oil and gas extraction sector.
Moreover, the White House said Monday that President Donald Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil.
ON BAYSTREET
The TSX Venture Exchange docked 9.8 points, or 1.3%, midday to 773.83
Eight of 12 TSX subgroups were negative, with information technology down 1.2%, industrials giving back 0.8%, and health-care, off 0.5%.
The four gainers were led by utilities, up 0.4%, real-estate, up 0.3%, and telecoms up 0.1%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday, the first trading day of the month, as shares of defense companies dropped sharply. Investors also awaited the release of Apple's latest quarterly figures.
The Dow Jones Industrial Average collapsed 289.59 points, or 1.2%, to 23,873.56, with Boeing falling 2% and contributing the most to the losses.
The S&P 500 slid 17.22 points to 2,630.83, with energy, materials and industrials all falling more than 1%.
The NASDAQ dipped 18.17 points to 7,048.09
Meanwhile, Apple is scheduled to report fiscal second-quarter earnings and revenue Tuesday after the close.
Of the S&P 500 companies that have reported thus far, 79.4% have posted better-than-expected earnings. Merck, Pfizer, Aetna, and Archer Daniels Midland all reported stronger-than-forecast results before the bell.
Tuesday marked the first trading day of May, which kicks off a historically rough period for the market. The major indexes posted their first monthly gains last month.
Investors also looked to Washington as the Fed began a two-day monetary policy meeting.
Market participants are not expecting any alterations to interest rates. However, investors will be on the lookout for clues about the central bank's views on inflation and the economy.
In economic data news, the Institute for Supply Management manufacturing index hit 57.3 in April.
Prices for the benchmark 10-year Treasury note fell slightly, raising yields to 2.97% from Monday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices dropped 90 cents a barrel to $67.67 U.S.
Gold prices stumbled $13.10 to $1,306.10 U.S. an ounce.
