Canada's main stock index fell on Tuesday as technology stocks slipped on worries of a global economic slowdown reignited after downbeat China data, but losses were limited by a rise in energy shares.
The S&P/TSX Composite recovered 3.85 points to greet noon Tuesday at 16,498.94
The Canadian dollar gained 0.14 cents to 76.08 cents U.S.
The largest percentage gainers on the TSX were Birchcliff Energy which jumped 16 cents, or 7.7%, to $2.25, followed by shares of Seven Generation, which rose 36 cents, or 4.5%, to $8.42.
Northland Power fell 84 cents, or 3.4%, the most on the TSX, to $24.28.
Shares of Kinaxis dropped $2.24, or 2.8%, to $77.75 and Shopify fell back $19.22, or 4.1%, to $452.83, among the top decliners on the tech index.
On the economic slate, Statistics Canada reported the number of building permits issued by Canadian municipalities rose 3.0% to $8.3 billion in July, largely due to increases in multi-family and commercial permits in July.
Elsewhere, Canada Mortgage and Housing Corporation reported that the trend in housing starts was 218,998 units in August 2019, compared to 208,931 units in July 2019.
ON BAYSTREET
The TSX Venture Exchange gained back 0.62 points to 584.33
Seven of the 12 Toronto subgroups remained lower by noon, as information technology subsided 2.1%, utilities sank 1%, and consumer staples dropped 0.7%.
The five gainers were led by energy, up 2.8%, health-care, up 0.9%, and materials, ahead 0.6%.
ON WALLSTREET
Stocks fell on Tuesday, weighed down by a continuing decline in tech shares while Ford was pressured by a downgrade to its credit rating.
The Dow Jones Industrial Average came out of the dungeon to gain 11.37 points by noon to 26,846.88
The S&P 500 stayed red 10.34 points to 2,968.09
The NASDAQ Composite subtracted 36.57 points to 8,050.87
Shares of Facebook, Amazon, Netflix and Alphabet all fell at least 0.4%.
Ford Motor was the biggest decliner in the S&P 500 on Tuesday, dropping 3.5%. The stock fell after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
Huawei dropped Tuesday one of its lawsuits against the U.S., after some equipment seized by Washington nearly two years ago was returned to the company.
Huawei’s lawsuit drop is the latest sign that tensions between the U.S. and China are easing ahead of a meeting scheduled for Oct. 1. The world’s largest economies have been engaged in a trade war since last year. Over that time, they have slapped tariffs on billions of dollars worth of their goods.
Prices for the benchmark 10-year U.S. Treasury sank, boosting yields to 1.69% from Monday’s 1.64%. Treasury prices and yields move in opposite directions
Oil prices picked up 45 cents to $58.30 U.S. a barrel.
Gold prices dipped seven dollars to $1,504.10 U.S. an ounce.
