Equities in Canada’s largest market took some profits Tuesday after several consecutive days of record-setting gains, as industrial and tech issues fell the hardest.
The TSX Composite Index 143.35 points to close Tuesday at 29,815.63.
The Canadian dollar faded 0.08 cents to 72.25 cents U.S.
In corporate news, TD Bank named JPMorgan veteran Jon Rasmussen as its U.S. chief compliance officer, according to a memo seen by Reuters.
TD ended Tuesday down 61 cents to $108.45.
The Trump administration was re-evaluating Lithium Americas' $2.3-billion loan for the development of a Nevada lithium deposit, a Bloomberg report said. American-listed shares of the company dropped almost 4% in premarket trading.
Lithium Americas shares gave back 32 cents, or 7%, to $4.24.
Gold miners added 1.5% as the safe-haven asset hit a new record high of $3,790.82 earlier in the session. Perpetua Resources eked up 12 cents to $26.2. while Novagold advanced nine cents to $10.69, and B2Gold was up 24 cents, or 3.7%, to $6.82.
The energy sector gained as oil prices rose. Vermilion Energy picked up 49 cents, or 4.6%, to $11.36, and Baytex Energy rose seven cents, or 2.1% to $3.41.
Conversely, tech stocks came under pressure with heavyweight e-commerce company Shopify plummeting $9.80, or 4.5%, to $207.47.
MDA Space added 42 cents, or 1.3%, to $33.53, after the company announced a multi-year partnership with the NHL’s Ottawa Senators.
Kinross Gold rose 37 cents, or 1.1% to $33.87, after selling a portion of its Asante Gold shares for $73 million.
On the economic beat, Statistics Canada reported new housing price index decreased 0.3% in August, compared to a drop of 0.1% the month before.
ON BAYSTREET
The TSX Venture Exchange backpedaled 9.48 points, or 1%, to 912.85.
Seven of the 12 subgroups faded on the day, weighed most by information technology, capsizing 3%, while industrials lost 1.3%, and real estate ditched 0.7%.
The five gainers were led by energy stocks, powering 1.3%, while health concerns moved 1.1%, %, and consumer staples progressed 0.8%.
ON WALLSTREET
The S&P 500 took a pause from its recent gains on Tuesday as doubts about the sustainability of the artificial intelligence bull trend worried investors.
The Dow Jones Industrials dumped 88.76 points to 46,292.78.
The much-broader index dropped 36.78 points to 6,656.97
The tech-heavy NASDAQ shrank 215.5 points, or 1%, to 22,573.47, with the losses led by AI names like Nvidia, Oracle and Amazon.
Nvidia shares were down 2% a day after the chipmaker announced a $100 billion investment in OpenAI, which boosted its stock and the whole equity market. Some investors were rethinking the deal between customer and supplier for its resemblance to events seen in the dot-com bubble.
Investors also raised questions about whether there is enough energy to power the growth plans by the two marquee AI companies.
Oracle, which is up more than 50% in three months because of an optimistic AI sales forecast, was off by 4%.
Investors are also watching the increasing chance of a government shutdown ahead of a Sept. 30 deadline after the Senate last week rejected Republican and Democratic proposals to at least temporarily fund the federal government.
On Tuesday, Trump seemed to cancel a planned meeting this week with top Democrats in Congress, saying that no meeting with them regarding the shutdown “could possibly be productive.”
Prices for 10-year Treasury increased Tuesday, pushing yields down to 4.11% from Monday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.43 to $63.71 U.S. a barrel.
Gold prices stayed positive $24.00 to $3,799.10 U.S. an ounce.
