Canada's main stock index was subdued at open on Tuesday as higher ?oil prices and ?surging bond yields kept investors cautious ?ahead of ?the Federal Reserve's interest rate ?decision ?on Wednesday, while ?recovery ?in precious ?metal prices helped ?limit ?losses.
The TSX dropped 191.95 points to begin Tuesday at 35,510.58.
The Canadian dollar fell 0.08 cents to 71.86 cents.
Statistics Canada was to report motor vehicle sales and wholesale trade numbers for July. Technical difficulties prevented them from being available at broadcast time.
Meantime, the Canadian Real Estate Association told us the number of home sales recorded over Canadian MLS Systems decreased by 0.7% on a month-over-month basis in August. Monthly activity has now remained largely unchanged since May.
ON BAYSTREET
The TSX Venture Exchange lost 11.73 points to 908.14.
All but one of the 12 subgroups were lower in the early going Tuesday, weighed mostly by consumer discretionary, down 2.2%, health-care, sliding 2%, and consumer staples, off 1.7%.
The lone gainer proved to be energy, rumbling 2.1%.
ON WALLSTREET
Stocks fell on Tuesday as traders looked ahead to this week’s Federal Reserve’s policy decision — which could send ripples through the economy — and as Treasury yields surged to multiyear highs.
The Dow Jones Industrials blundered 509.42 points, or 1%, to 51,911.78.
The S&P 500 index waned 39.1 points to 7,580.88
The NASDAQ Composite lost 186.22 points to 25,999.60.
Losses in the S&P 500 and NASDAQ were mitigated by gains in a number of stocks connected to artificial intelligence, which were under pressure in the prior trading day. Nvidia rose 1%, while Micron Technology and Intel jumped nearly 2%. Advanced Micro Devices gained 3%.
Prices for the 10-year Treasury handed back some of its strength Tuesday, raising yields to 5.01% from Monday’s 4.99%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.60 to $103.99 U.S. a barrel.
Gold prices tumbled $28.80 to $4,323.10 U.S. an ounce.
