Stocks in Toronto prospered for much of the day Tuesday before succumbing to a negative wave, as consumer and industrials weighed things down.
The TSX Composite Index let gains it had accumulated during the day slip away and fell 24.37 points to close Tuesday at 23,677.70, after hitting an all-time record. The index ended its win streak at four sessions. The TSX is up 13.3% for the year.
The Canadian dollar dipped 0.06 cents to 73.54 cents U.S.
In company news, First Quantum Minerals opened a voluntary retirement scheme to workers at the Cobre Panama mine as the company waits for a government decision on restarting the operation. Shares in First Quantum shot higher 63 cents, or 3.8%, to $17.40.
Consumer staples endured investor wrath Tuesday, with Loblaw Companies dumping $6.01, or 3.3%, to $174.79, while George Weston shares descended $5.51, or 2.4%, to $221.79.
Among industrials, Thomson Reuters fell $6.87, or 2.9%, to $228.00, while GFL Environmental dipped $1.22, or 2.2%, to $53.37.
Golds also conked their heads, with Aya Gold slipping 63 cents, or 3.9%, to $15.69, while Wesdome Gold handed back 39 cents, or 2.8%, to $13.33.
Energy tried to arrest the negative tide, with Kelt Exploration capturing 18 cents, or 3%, to $6.16, while Tamarack Valley Energy took on 11 cents, or 2.8%, to $3.98.
In health-care, Bausch Health Companies gained 25 cents, or 2.6%, to $9.76, while Tilray advanced five cents, or 2.1%, to $2.48.
Financials also did what they could, with Laurentian Bank gaining 33 cents, or 1.2%, to $27.08, while BMO grew $1.27, or 1.1%, to $119.25.
In the economic docket, housing starts for August tailed off to 217,400 from 279,800 in July, while the consumer price index rose 2.0% on a year-over-year basis in August, down from a 2.5% increase in July. On a seasonally adjusted monthly basis, the CPI rose 0.1% in August.
ON BAYSTREET
The TSX Venture Exchange forged ahead 0.3 points to 582.35.
All but three of the 12 TSX subgroups were lower on the session, with consumer staples plunging 1.5%, while industrials tumbled 1%, and gold dulled in price 0.4%.
The three gainers were energy, rocketing 1.4%, while health-care took on 0.3%, and financials held onto gains of 0.1%,
ON WALLSTREET
The S&P 500 ended Tuesday near the flatline after hitting a record high as the market awaited the Federal Reserve’s key interest rate cut decision.
The Dow Jones Industrials index fell from peak levels by 15.9 points to 41,606.18
The much broader index eked up 1.49 points to 5,634.58, after touching an all-time high.
The NASDAQ recovered 35.93 points to 17,628.06, down from its highs of the day.
The fresh records for the S&P 500 and the Dow come during a historically tough period for the market. September has been the worst month for the benchmark over the past 10 years, averaging a 1.3% monthly loss.
Intel shares jumped 2.7% after the company said it plans to make its foundry business a subsidiary. The Biden administration also awarded the company up to $3 billion in funding through the CHIPS Act.
The latest retail sales data indicated solid consumer health. Retail sales rose 0.1% in August versus economists’ estimates for a 0.2% decline, according to Dow Jones. Excluding autos, the number also came in at a 0.1% increase, which slightly missed the 0.2% consensus forecast.
While a 50-basis-point cut isn’t out of the question, the chief global strategist thinks that the Fed should take a more cautious approach to cutting and ease rates by 25 basis points. She is forecasting additional 25-basis-point cuts in November and December.
Prices for the 10-year Treasury sagged, lifting yields to 3.65% from Monday’s 3.62%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.19 to $71.28 U.S. a barrel.
Gold prices swooned $13.60 to $2,595.30.
