Canada's main stock index opened higher on Tuesday, buoyed by ?miners that ?tracked higher metal prices, while investors ?assessed ?developments in the U.S.-Iran conflict ?and ?new U.S. ?tariffs ?on ?Canadian imports.
The TSX recovered 38.61 points to kick off Tuesday at 34,998.93.
The Canadian dollar slid 0.06 cents to 71 cents U.S.
U.S. President Donald Trump imposed 50% tariffs on a broad range of Canadian imports, citing what the administration described as Canada's discriminatory treatment of American-made vehicles, alcohol and dairy products
In a separate development, Britain's new government is expected to invite Canada to join the delayed Global Combat Air Programme fighter-jet project, as European allies seek to reduce dependence on U.S. defence equipment and technology.
ON BAYSTREET
The TSX Venture exchange recovered 9.82 points, or 1.2%, to 859.59.
Nine of the 12 TSX subgroups fell in the first hour, weighed most by information technology, down 1.7%, health-care, off 1.5%, and telecoms, sliding 1%.
However, gold and materials picked up some of the slack, each grasping 2.2%, while energy surged 1.5%.
ON WALLSTREET
Stocks climbed on Tuesday, supported by chipmakers, as investors looked through the latest developments in the Iran war to focus on corporate earnings updates.
The Dow Jones Industrials resurfaced 237.23 points to 52,076.49.
The S&P 500 regained 32.93 points to 7,476.21.
The NASDAQ Composite climbed 181.53 points to 25,689.60.
3M shares jumped more than 9% after the industrial giant’s second-quarter earnings came in better than expected. Additionally, General Motors reported a beat on the top and bottom lines for the second quarter, lifting the stock 3%.
The reporting period is off to a strong start. Of the roughly 66 S&P 500 names that have reported, nearly 88% have topped bottom-line estimates.
Big names set to report later this week include Alphabet, IBM and Tesla.
Semiconductors also gave a boost to the broader market. Marvell Technology jumped around 6%, along with Astera Labs, while Micron Technology gained 8%. Intel advanced more than 6%.
Prices for the 10-year Treasury backpedaled, raising yields to 4.63% from Monday’s 4.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.20 to $85.43 U.S. a barrel.
Gold prices zoomed $39.80 to $4.055.70 U.S. an ounce.
Related Stories
