(INCLUDES NEW MACROECONOMIC NUMBERS)
Canada's main stock index slipped on Tuesday as higher oil prices and surging bond yields fueled concerns about a prolonged inflation ahead of the Federal Reserve's interest rate decision on Wednesday.
The TSX flopped 281.05 points to pause for noon Tuesday at 35,421.48.
The Canadian dollar fell 0.10 cents to 71.85 cents.
Prime Minister Mark Carney unveiled immediate tax writeoffs for most new capital investments in a bid to spur growth and attract foreign capital.
Economically speaking, 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.
Elsewhere, Statistics Canada reported wholesale sales inched up 0.3% in July, compared to a rise of 2.8% in June.
Moreover,176,000 new motor vehicles were sold in Canada in July, down from 190,200 from the same month the previous year.
ON BAYSTREET
The TSX Venture Exchange took a beating, losing 16.97 points, or 1.8%, to 902.90.
All but one of the 12 subgroups were lower mid-Tuesday, weighed mostly by consumer discretionary stocks, down 2.4%, while health-care and consumer staples each trailed 1.5%.
The lone gainer proved to be energy, acquiring 2%.
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 floundered 454.10 points, to 51,967.10
The S&P 500 index waned 33.71 points to 7,586.27
The NASDAQ Composite lost 181.33 points to 26,005.08
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 gained back some strength during Tuesday, lowering yields back to 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.
