Canada's main stock index maintained record highs toward noon EST on Tuesday, lifted by mining and energy stocks as precious metal and oil prices extended gains, while investors also assessed U.S. inflation data for December.
The TSX was buoyant 25.7 points to break for lunch Tuesday at 32,900.40.
The Canadian dollar dipped 0.08 cents to 71.98 cents U.S.
On the economic scene, Statistics Canada reports in November, the total value of building permits issued in Canada decreased by $1.8 billion (-13.1%) to $12.0 billion.
Canada is also seeking to diversify trade away from its main market, the U.S., due to uncertain trade policies. Prime Minister Mark Carney is expected to arrive in China on Tuesday, the first visit by a Canadian leader to the Asian nation since 2017.
ON BAYSTREET
The TSX Venture Exchange gained 2.82 points to 1,094.18.
Seven of the 12 TSX subgroups were lower midday, with industrials off 1.2%, while telecoms down 0.8%, and consumer staples fell 0.6%.
The five gainers were led by energy, rumbling 2.2%, while gold was positive 1.6%, and materials rose 1.3%.
ON WALLSTREET
The S&P 500 fell on Tuesday, bogged down by JPMorgan Chase, as investors sold JPMorgan despite better-than-expected numbers and grappled with volatility from a flurry of President Donald Trump proposals floated in the past few days.
The Dow Jones Industrials stumbled 322.14 points to 49,268.06
The much-broader index slid 11.11 points to 6,966.16.
The NASDAQ poked ahead 5.63 points to 23,739.53.
JPMorgan dipped more than 2%, even after the company’s fourth-quarter results beat on the top and bottom lines. While both company-wide and equities trading revenue increased in the quarter, investment banking fees fell and missed expectations.
The company’s CFO, Jeremy Barnum, also signaled that the banking industry could push back against President Donald Trump’s call for a one-year 10% cap on credit card interest rates, which he declared late Friday.
Goldman Sachs followed JPMorgan lower, declining more than 1%. Other financial stocks such as Mastercard and Visa traded down roughly 4% each, putting them among the day’s worst performers.
Trump’s demand for credit card price controls came amid a slew of other calls from the president last week, including that defense companies should not be permitted to issue dividends or stock buybacks and that large institutional investors should be banned from buying more single-family homes.
Stocks had received a boost earlier Tuesday after the December consumer price index report showed that core CPI — excluding food and energy — rose 0.2% on the month and 2.6% on the year, below the 0.3% and 2.8%, respectively, that economists polled by Dow Jones had estimated.
The monthly figure for headline inflation increased 0.3% in December, putting the annual rate at 2.7%. Both figures matched Dow Jones forecasts.
The CPI data came days after the December jobs report showed a somewhat weaker, yet stable, labor market, likely encouraging the Fed to hold off on interest rate cuts at their first meeting of the year later this month. Fed funds futures are pricing in two quarter point cuts this year, starting in June.
Prices for the 10-year Treasury inched up, lowering yields to 4.18%, from Monday’s 4.19. Treasury prices and yields move in opposite directions.
Oil prices $1.87 to $61.37 U.S. a barrel.
Gold prices reversed $6.10 to $4,608.60.
