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Stocks Tread Carefully at Noon

Skeena in Focus

Equities in Canada’s largest centre were little changed on Tuesday, as gains in heavyweight financials offset losses in energy stocks, while investors looked ahead to a Bank of Canada's interest rate decision due this week.

The TSX cleared breakeven 38.62 points to pause for lunch Tuesday session at 19,970.24.

The Canadian dollar regained 0.19 cents to 74.54 cents U.S.

BoC is expected to keep its key interest rate on hold at 4.5% for the rest of this year, say economists, adding the risk of one more rate hike was high. The decision is expected on Wednesday.

Skeena Resources dropped 1.8% after CIBC trimmed its price target on the mining company. Skeena shares backtracked three cents to $7.17.

On the economic calendar, Statistics Canada reported the total monthly value of building permits in Canada declined 18.8% to $9.6 billion in April.

Also, the IVEY PMI plummeted to 53.5 in May from April's 56.8, and significantly lower than the 61.9 figure in May 2022.


The TSX Venture Exchange eked up 0.72 points to 610.61.

Six of the 12 TSX subgroups were negative by noon EDT, with health-care folding 2.2%, while utilities and gold each lost 0.8%.

The five gainers were led by information technology, up 0.8%, while financials advanced 0.6%, and real-estate moved up 0.3%. Communications stocks were unchanged.


The S&P 500 traded modestly higher Tuesday as Wall Street digested a recent rally that led the broad index to its highest level in nine months.

The Dow Jones Industrials dipped 6.08 points to 33,556.78.

The much-broader S&P 500 gathered 11.11 points to 4,284.90.

The tech-heavy NASDAQ index picked up 73.19 points to 13,302.62.

Apple shares dipped almost 1% a day after the tech giant debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. In the previous session, the stock hit an all-time high ahead of the announcement.

Coinbase dropped more than 15% after the Securities and Exchange Commission sued the crypto company. The SEC alleged Coinbase was acting as an unregistered broker and exchange. Bitcoin rose more than 1%.

Prices for the 10-year Treasury sank, raising yields to 3.71% from Monday’s 3.69%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 36 cents to $71.79 U.S. a barrel.

Gold prices gained $6.10 to $1,980.40 U.S. an ounce.