Equities in Canada’s largest centre opened lower on Tuesday, weighed down by mining and technology stocks, while investors digested grim quarterly earnings from major domestic banks.
The TSX Composite Index dumped 86.17 points to begin Tuesday at 23,262.86.
The Canadian dollar inched ahead 0.11 cents to 74.28 cents U.S.
Bank earnings are expected to keep the investors intrigued throughout the week with highly anticipated earnings from the Royal Bank of Canada, National Bank of Canada, and the Canadian Imperial Bank of Commerce.
RBC shares obtained 26 cents to $156.30, while National shares skidded 38 cents to $120.25, while Commerce shares gained 22 cents to $73.84.
ON BAYSTREET
The TSX Venture Exchange fell 5.56 points, or 1%, to 571.96.
All but two of the 12 TSX subgroups were negative, with health-care sliding 1.7%, while materials and energy each lost 0.8%.
The two gainers were consumer staples, edging up 0.3%, and industrials, eking up 0.1%.
ON WALLSTREET
Stocks were flat on Tuesday as investors looked ahead to a major earnings report later this week.
The Dow Jones Industrials dropped 13.81 points to begin Tuesday at 41,226.71
The S&P 500 index gained 5.81 points to 5,622.65
The NASDAQ regrouped 15.68 points to 17,742.44.
Investors are eager to see earnings from top artificial intelligence beneficiary Nvidia after Wednesday’s closing bell. Shares of the graphics processing unit manufacturer fell nearly 1% on Tuesday. Nvidia has become a key bellwether for tech stocks and AI more broadly, and investors will look toward its second-quarter results to gauge the health of the AI trade.
Traders are unanimously forecasting a rate cut at the central bank’s Sept.17-18 policy meeting of at least 25 basis points.
Prices for the 10-year Treasury decreased, raising yields to 3.85% from Monday’s 3.82%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.19 at $76.23 U.S. a barrel.
Gold prices slipped $4.10 to $2,551.10.
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