TSX Turns Negative by Noon

Iamgold, Canopy in Focus

Canada's main stock index lost some of their mojo midday Tuesday as losses in health-care and tech stocks overrode strength in gold and energy shares.

The S&P/TSX had docked 26.78 points to break for lunch hour at 20,170.83

The Canadian dollar moved backward half a cent to 77.70 cents U.S.

Markets in Canada were shuttered for Victoria Day.

Canada's top six banks are expected to post an average 12% drop in second-quarter earnings sequentially, as increased expenses and loan-loss reserves and lower investment banking revenues outweigh strong loan growth and margin expansion from rising interest rates.

In the cannabis sector, Canopy Growth dished off 82 cents, or 11.6%, to $6.27.

Tech issues were punished, with Kinaxis tumbling $11.84, or 8.1%, to $134.16.

Among gold concerns, Iamgold moved higher 11 cents, or 3.9%, to $2.96.

MEG Energy led its sector, up 80 cents, or 4%, to $21.34.

ON BAYSTREET

The TSX Venture Exchange faded 5.66 points to 696.43.

Six of the 12 TSX subgroups remained positive by noon hour, with gold ahead 2.2%, energy jumping 1.6%, and materials better by 1.2%.

The five laggards were weighed mostly by health-care, sliding 7.1%, information technology, worse off 3.5%, and consumer discretionary stocks, losing 1.4%.

Financial stocks were unchanged at noon hour.

ON WALLSTREET

Stocks fell on Tuesday as investors returned to dumping stocks on fears of a recession following a brief selloff reprieve.

The Dow Jones Industrials flopped 291.69 points at noon hour to 31,588.55

The S&P 500 cratered 67.27 points, or 1.7%, to 3,906.48.

The NASDAQ Composite swooned 322.77 points, or 2.8%, to 11,212.50.

The S&P 500 sits 19% from its record after falling more than 20% from its high at one point on Friday. The Dow’s losing streak is its longest since 1923.

Shares of tech companies led the losses on fears of digital advertising slowing following a warning from social media company Snap. Its shares plummeted more than 40% after the company said it’s bracing to miss earnings and revenue targets in the current quarter and warned of a hiring slowdown. Meta Platforms followed Snap lower, falling 17%. Google-parent Alphabet dropped 6% to a new 52-week low.

Amazon dropped nearly 5% and hit a new 52-week low. Apple shed 3%.

Nordstrom and Urban Outfitters will report earnings after the bell.

Treasury prices leaped, lowering yields to 2.74% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.

Oil prices docked 82 cents to $109.47 U.S. a barrel.

Gold prices gained $18.90 to $1,866.70 U.S. an ounce.