Equity markets in Canada’s largest centre opened higher on Tuesday as a rise in oil prices helped drive energy shares higher.
The S&P/TSX Composite Index regained 44.58 points, after Monday’s hefty fall, to open business Tuesday at 16,228.54
The Canadian dollar slipped 0.1 cents to 75.14 cents U.S.
Hudson's Bay Chief Executive Helena Foulkes is expected to discuss a joint venture between Germany's Kaufhof and Austrian property group Signa Holding during a trip to Europe this week
Bay shares docked 11 cents, or 1%, to $11.46.
CIBC cut the rating on Arizona Mining to neutral from outperform. Arizona shares were static at $6.13.
Raymond James raised the price target on Conifex Timber to $10.50 from $10.00. Conifex shares gained 14 cents to $23.05.
ON BAYSTREET
The TSX Venture Exchange subtracted 3.37 points to 746.90
All but three of the 12 TSX subgroups were positive in Tuesday’s first hour, with energy gushing 1%, information technology and telecoms each clicking 0.5% higher
The three laggards were gold, down 0.7%, health-care, sliding 0.5%, and utilities, off 0.2%.
ON WALLSTREET
Stocks opened slightly higher on Tuesday, but mixed messages from the Trump administration regarding trade put a lid on gains.
The Dow Jones Industrials recovered 51.49 points to 24,304.29, with American Express as the best-performing stock in the index.
The S&P 500 regained 7.02 points to 2,724.09, as energy rose 0.7%.
The NASDAQ recouped 30.39 points to 7,562.39, as Netflix rose 2.2% rebounding from steep losses in the previous session.
Stocks fell sharply on Monday, with the Dow dropping more than 300 points and the S&P 500 sliding 1.4%, its biggest one-day decline since April 6.
Harley-Davidson declined almost 6% on Monday after announcing it will shift production of motorcycles headed for Europe to factories outside the U.S. Trump went after the motorcycle maker on Tuesday, saying in a tweet "they won’t be able to sell back into U.S. without paying a big tax."
General Electric shares jumped more than 6% after the company revealed a plan to spin off its health-care business and sell its stake in Baker Hughes. The company also announced it will maintain its current dividend until the spinoff is complete. GE was also replaced by Walgreens Boots Alliance on the Dow.
Treasury Secretary Steven Mnuchin said in a tweet Monday that a report from the Wall Street Journal about the Trump administration planning to curb Chinese investment in U.S. tech was “fake news.” Mnuchin added, however, that those restrictions will apply to “all countries that are trying to steal our technology.”
Later on Monday, Peter Navarro, a trade advisor to President Donald Trump, told the media said there were no plans on slapping investment restrictions on China or other countries. He also called the stock market was overreacting to such fears.
However, White House press secretary Sarah Sanders doubled down on Mnuchin’s statement, saying in a press briefing: "As the secretary said, a statement would go out that targets all countries that are trying to steal our technology, and we expect that to be out soon."
Prices for the benchmark for the 10-year U.S. Treasury lost a bit of ground, raising yields to 2.89% from Monday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices took on 58 cents to $68.66 U.S. a barrel.
Gold prices slipped eight dollars to $1,260.90 U.S. an ounce.
