Canada's main stock index fell on Tuesday, dragged down by energy stocks as oil prices fell, while investors looked forward to the U.S. Federal Reserve's two-day meeting for cues on economic policy.
The S&P/TSX Composite Index came off its lows of the morning, but remained negative 134.78 points to 15,840.13.
The Canadian dollar retreated 0.22 cents at 74.51 cents U.S.
Hexo backpedaled 11 cents, or 7.1%, to $1.45, from early morning gains, as Bombardier gained three cents, or 5.2%, to 61 cents, after brokerage Scotiabank raised rating and PT on the business jet maker's stock.
Oilfield services and equipment provider Shawcor fell 88 cents, or 17.2%, the most on the TSX, to $4.25, followed by Air Canada, which $2.11, or 9%, to $21.28.
The oil-producing nations that make up OPEC+ (Organization of the Petroleum Exporting Countries) on Saturday agreed to extend record cuts of 9.7 million barrels per day (bpd) until the end of July.
Saudi Arabia, however, later said it, Kuwait and the United Arab Emirates would not extend cuts of 1.18 million bpd they are currently making on top of that OPEC+ target.
ON BAYSTREET
The TSX Venture Exchange fell 1.36 points to 563.76.
All but three of the 12 TSX subgroups were in the red midday, with energy sliding 3.1%, while communications and health-care issues each faded 2.1%.
The three gainers were gold, up 2.2%, materials, ahead 0.9%, and information technology up 0.2%.
ON WALLSTREET
Stocks clawed back some of their earlier losses on Tuesday as shares of major tech companies rose broadly while traders took profits out of names benefiting from the economy reopening.
The Dow Jones Industrials started the climb out of its early session gully, but remained behind Monday’s close by 261.01 points, or 1.1%, to pause for lunch at 27,311.43. That decline put the 30-stock average on pace to snap a six-day winning streak.
The S&P 500 gave back 27.21 points to 3,205.18.
The NASDAQ added to Monday’s all-time high by 9.48 points to 9,934.22.
Amazon picked up 2.1% and Apple gained 1.8%, to hit all-time highs. Facebook traded 3.1% higher and Netflix rose 2.7%. Google-parent Alphabet was also up 1%.
The trades that have led the latest leg of the market’s comeback on optimism about the reopening of the economy were lower Tuesday.
United Airlines and Delta Air Lines each dropped more than 6%. Cruise lines Carnival and Royal Caribbean both declined more than 5.7%. Retail-related trades Gap and Simon Property Group dropped as well.
Prices for the 10-Year Treasury were higher, lowering yields to 0.82% from Monday’s 0.87%. Treasury prices and yields move in opposite directions.
Oil prices eked ahead three cents to $38.22 U.S. a barrel.
Gold prices regained $19.30 to $1,724.40 U.S. an ounce.
