Equities in Canada’s largest centre remained flat Tuesday, as investors looked to the upcoming speeches from U.S. Federal Reserve officials after the central bank's hawkish tilt last week weighed on risk-driven assets.
The TSX Composite index gained 10.27 points to pause for lunch Tuesday at 20,166.63.
The Canadian dollar ditched 0.03 cents to 80.81 cents U.S.
Nutrien rose $2.46, or 3.3%, to $76.16, after it outlined plans to increase potash output in the wake of European Union sanctions on Belarus.
Ballard Power jumped $1.37, or 6.6%, to $22.29, receiving a follow-on order for fuel cells, and Alimentation Couche-Tard, which rose $1.18, or 2.7%, to $44.53.
Kinross Gold fell 36 cents, or 4.4%, the most on the TSX, to $7.68, while the second biggest decliner was Endeavour Silver, down 20 cents, or
2.5%, to $7.75, as precious metal prices slipped on the Fed's recent hawkish tilt.
ON BAYSTREET
The TSX Venture Exchange dropped 3.79 points to 938.14.
Seven of the 12 TSX subgroups were lower midday. Energy dawdled 0.9 %, while gold and health-care each slid 0.8%.
The five gainers were led by consumer staples, up 1%, information technology, up 0.8%, and industrials, improving 0.6%.
ON WALLSTREET
The blue-chip Dow Jones Industrial Average held steady on Tuesday after posting its best day since March, while the broader S&P 500 fluctuated within 1% of a record.
The 30-stock index gained 15.31 points to 33,892.28.
The S&P 500 moved forward 13.52 points to 4,238.31,
The NASDAQ prospered 54.65 points to 14,196.13.
Bitcoin briefly broke below $30,000 on Tuesday to trade at its lowest level in more than five months as losses accelerated with intensified crackdown efforts by China. With Tuesday’s drop, the world’s largest crypto currency also turned negative on the year at one point.
Alphabet shares traded slightly lower after the European Commission opened a probe into Google’s advertising unit.
Federal Reserve Chairman Jerome Powell will testify before the House of Representatives Tuesday on the central bank’s response to the pandemic.
His remarks, which were released ahead of the hearing Monday evening, are likely to support the notion that the Fed is ready to soon start discussing removing some of its unprecedented stimulus measures enacted during the pandemic.
Powell’s testimony begins at 2 p.m. ET.
Prices for 10-Year Treasurys were higher, lowering yields t0 1.47% from Monday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 52 cents to $73.14 U.S. a barrel.
Gold prices removed $6.40 to $1,776.50 U.S. an ounce.
