(MENAFN - Baystreet.ca) Canada's main stock index dropped after two straight sessions of gains on Tuesday, as energy shares echoed a drop in oil prices on persisting concerns over demand.
The S&P/TSX Composite faltered 75.7 points to greet noon at 16,228.35
The Canadian dollar remarked 0.02 cents to 75.06 cents U.S.
The biggest percentage gainers on the TSX were Peyto Exploration & Development Corp, which gained two cents to $3.43, followed by shares of Canopy Growth, which rose 38 cents, or 1.1%, to $36.04.
CannTrust Holdings Inc fell seven cents, or 2.6%, the most on the TSX, to $2.62, closely followed by SNC-Lavalin, which fell 40 cents, or 2.3%, to $16.74.
On the economic beat, Statistics Canada said manufacturing sales fell 1.2% to $58.0 billion in June, following a 1.6% increase in May.
The agency says the petroleum and coal product and food industries weighed down sales in June, while the primary metal industry posted the largest increase.
The TSX Venture Exchange recovered 2.31 points to 572.16
Seven of 12 Toronto subgroups lost ground Tuesday morning, as communications hesitated 1.1%, consumer staples dropped 1%, while energy dipped 0.9%.
The five gainers were led by gold, ahead 1.7%, while information technology and materials were each stronger by 0.4%.
Stocks slipped on Tuesday as investors digested a sharp rebound from a strong selloff last week.
The Dow Jones Industrials removed 56.75 points to 26,079.04. The 30-stock index was on pace to snap a three-session winning streak.
The S&P 500 lost 7.76 points to 2,915.89
The NASDAQ handed back 11.68 points to 7,991.13
Micron Technology dropped 0.6%, and Advanced Micro Devices dipped 2.1%,. Netflix shares pulled back 2.9%.
Bank shares such as Citigroup, Bank of America and J.P. Morgan Chase all traded lower as Treasury yields pulled back.
Home Depot helped keep losses in check. Shares of the home improvement retailer rose 4.4% on better-than-expected earnings. However, Home Depot warned tariffs could hit consumer spending and cut its full-year revenue outlook.
Equities rose sharply on Monday as a rebound in bond yields continued, easing ongoing recession fears. The White House has also stepped in the ongoing debate over whether the U.S. economy will soon enter into recession mode, highlighting the strength in the U.S. economy.
Various media sources both reported the Trump administration was discussing a cut to payroll taxes as a way to mitigate slower economic growth. A White House official pushed back on the reports, saying cutting payroll taxes "is not something under consideration at this time."
Traders also looked ahead to the release of the Federal Reserve's minutes from its July meeting. The central bank cut rates by 25 basis points last month, citing "global developments" and "muted inflation." The Fed minutes are scheduled for release Wednesday at 2 p.m. ET.
Prices for the benchmark 10-year U.S. Treasury regained lost ground, lowering yields to 1.55% from Monday's 1.61%. Treasury prices and yields move in opposite directions
Oil prices dipped 37 cents to $55.84 U.S. a barrel.
Gold prices brightened $2.10 to $1,513.70 U.S. an ounce.