Canada's main stock index opened lower on Tuesday after hotter-than-expected U.S. inflation data fueled higher-for-longer rate expectations, while weaker metal and oil prices weighed on materials and energy shares.
The TSX shed 285.86 points to open Tuesday at 36,160.46.
The Canadian dollar fell 0.24 cents to 70.59 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 40 cents, or 0.3%, to $11.40.
Equinox Gold reported third quarter revenue slightly above estimates, but adjusted EPS missed estimates. Equinox dipped 35 cents, or 2.1%, to $16.67.
ON BAYSTREET
The TSX Venture Exchange subtracted 17.04 points, or 2%, to 818.99.
All but three of the 12 subgroups were lower in the first hour, weighed largely by gold, duller in price 4.3%, materials, stumbling 3.7%, and consumer discretionary stocks, dipping 1.2%.
The three gainers information technology, building 0.8%, while financials and energy each progressed 0.2%.
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 238.56 points to 52,151.19.
The S&P 500 index regressed 27.83 points, or 2.3%, to 7,522.11.
The tech-heavy NASDAQ gave up 83.91 points to 25,169.23.
The consumer price index rose 0.4% in October, above the gain of 0.3% that 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 be 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 4.99% from Monday’s 4.87%. Treasury prices and yields move in opposite directions.
Oil prices dumped $1.24 to $85.61 U.S. a barrel.
Gold prices fell $57.40 to $4,057.10 U.S. an ounce.
