Markets in Canada’s largest centre fell on Tuesday as a fall in gold prices weighed on miners, while a stronger-than-expected U.S. inflation reading reinforced higher-for-longer rate expectations.
The TSX shed 253.87 points by noon EST Tuesday at 36,182.39.
The Canadian dollar fell 0.44 cents to 70.38 cents U.S.
Endeavour Silver reported a 29% increase in quarterly revenue, but narrowed annual gold production guidance to 42,000-43,500 oz. Endeavour dipped 63 cents, or 5.3%, to $11.17.
Equinox Gold reported third quarter revenue slightly above estimates, but adjusted EPS missed estimates. Equinox faltered 92 cents, or 5.4%, to $16.10.
Moreover, GFL Environment tumbled $5.58, or 8.6%, to $59.25, after the waste-disposal giant's board reaffirmed its strategy to remain public.
ON BAYSTREET
The TSX Venture Exchange subtracted 18.38 points, or 2.2%, to 817.65.
Seven of the 12 subgroups were lower midday, weighed largely by gold, duller in price 4.5%, materials, stumbling 3.9%, and consumer discretionary stocks, dipping 1.1%.
The five gainers were led by utilities, up 0.8%, telecoms, better by 0.7%, and energy, hiking 0.6%.
ON WALLSTREET
The S&P 500 fell on Tuesday after October inflation data came in hotter than expected and a key Federal Reserve official hinted at the possibility of a half-point rise in rates next month.
The Dow Jones Industrial index scaled back 253.87 points to 52,056.22.
The much broader index slid 53.12 points to 7,496.82
The tech-heavy NASDAQ slumped 253.14 points, or 1%, to 25,000.
The consumer price index rose 0.4% in October, above the gain of 0.3%, which economists polled by Dow Jones expected.
Core CPI, which excludes volatile food and energy costs, increased 0.3% in October. Economists had called for a 0.2% advance on the month.
Annual figures were not provided for Tuesday’s report because of the 2025 government shutdown.
The report followed Fed Governor Christopher Waller saying in a speech Tuesday that he thinks a December rate hike is likely. He also opened the door for a larger half-point increase next month as inflationary pressures persist.
Marvell Technology added more than 1%, while Advanced Micro Devices and Broadcom popped 5% and 3%, respectively.
Conversely, Nvidia — which sat out Monday’s rally following CEO Jensen Huang’s admission over the weekend to an affair with an alleged Chinese spy — fell 3%.
Prices for the 10-year Treasury slumped, raising yields to 5% from Monday’s 4.87%. Treasury prices and yields move in opposite directions.
Oil prices dumped 25 cents to $86.60 U.S. a barrel.
Gold prices fell $80.30 to $4,034.20 U.S. an ounce.
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