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Stocks Flat at Noon

Zoom, Hims and Hers in Focus

Canada's main stock index was little changed on Tuesday as gains in energy stocks were offset by declines in the financial sector after Bank of Montreal reported a fall in its first-quarter adjusted profit.

The TSX Composite stayed above breakeven but 5.91 points to 21,330.22.

The Canadian dollar slid 0.13 cents to 73.93 cents U.S.

Bank of Montreal lost $5.15, or 4.1%, to $121.68, after it reported a fall in its first-quarter adjusted profit, as the bank set aside a large reserve against potential credit losses in a turbulent economy.

Declines in the sector were limited by a rise of $$1.83, or 2.9%, in the shares of Bank of Nova Scotia to $65.70, that reported a rise in first-quarter profit, as higher interest rates helped the lender earn more on loans.


The TSX Venture Exchange nicked higher 4.07 points to 554.30.

Eight of the 12 subgroups were higher noon time, with health-care picking up 1.2%, while consumer discretionary stocks improved 0.7%, while communications soared 0.6%.

The four laggards were weighed most by gold, down 0.4%, while financials ducked 0.3%, and industrials hesitated 0.02%.


Stocks south of the border were flat Tuesday as the market rally took another breather, with investors looking ahead to key data slated for release later this week.

The Dow Jones Industrials dumped 171.88 points to move into Tuesday’s afternoon at 38,897.35.

The S&P 500 dipped 5.55 points to 5,063.98.

The NASDAQ index nosed up 13.60 points to 15,989.85.

Retail giant Macy’s advanced more than 3% after announcing it would close around 150 of its struggling stores after reporting a revenue miss in the prior quarter. Lowe’s gained around 3% after posting an earnings beat. Zoom Video sprinted 5.7%, and Hims & Hers Health rose 35%, following earnings reports that exceeded Wall Street expectations.

Data from the U.S. Department of Commerce released on Tuesday showed that orders for long-lasting goods declined more than expected in January, with the leading factor being a large drop in demand for transportation.

The latest consumer confidence numbers also fell on worries regarding a potential labor market slowdown and polarized political landscape, according to a Conference Board gauge released Tuesday. The board’s Consumer Confidence Index declined to 106.7, which was lower than the downwardly revised 110.9 in January and below the Dow Jones estimate for 115.1.

Prices for the 10-year Treasury hesitated, raising yields to 4.30% from Monday’s 4.28%. Treasury prices and yields move in opposite directions.

Oil prices gained 77 cents to $78.35 U.S. a barrel.

Gold prices gained $1.20 to $2,040.10.