(MENAFN- Baystreet.ca) Canada's main index was unchanged in the first hour of trade Tuesday, even as oil prices gained amid supply disruptions in Norway, a new hurricane in the Gulf of Mexico and U.S. President Donald Trump's return to the White House from hospital.
The TSX dipped 1.15 points to begin Tuesday at 16,409.04.
The Canadian dollar sank 0.07 cents to 75.36 cents U.S.
A workers union at the Candelaria copper mine in Chile rejected a contract offer from Lundin Mining, union officials said on Monday, raising the possibility of a strike.
Lundin shares dropped 17 cents, to 2.3%, to $7.28.
CIBC cut the target price on Cineplex to $6.00 from $10.00. Cineplex shares acquired 14 cents, or 3%, to $4.89.
National Bank of Canada raised the price target on Northland Power to $43.00 from $39.00. Northland shares faded 15 cents to $41.12.
Canaccord Genuity raised the target price on Calibre Mining to $4.00 from $3.20. Calibre added two cents, or 1.1%, to $1.82.
On the economic slate, Statistics Canada reported that, after two months of strong growth, Canadian merchandise exports and imports stabilized in August. Imports fell 1.2%, while exports were down 1.0%.
As a result, Canada's merchandise trade deficit with the world narrowed slightly from $2.5 billion in July to $2.4 billion in August.
ON BAYSTREET
The TSX Venture Exchange forged ahead 3.83 points to open Tuesday at 716.63.
Seven of the 12 TSX subgroups were negative to start the session, with health-care trailing off 0.8%, utilities down 0.7%, and consumer staples off 0.3%.
The five gainers were led by energy, ahead 0.7%, while consumer discretionary and financial stocks inched up 0.2% each.
ON WALLSTREET
The Dow Jones Industrial Average rose for a second day on Tuesday as traders looked for clues on further coronavirus stimulus.
The 30-stock average gained further 89.46 points to kick off Tuesday's session at 28,238.10, following Monday's 400-point-plus journey upward.
The S&P 500 edged up 3.09 points to 3,411.72.
The NASDAQ compiled 10.18 points to 11,342.67.
Boeing and Goldman Sachs were among the best-performing Dow stocks, rising more than 1% each.
Shares of Big Tech were under pressure as traders increased positions in companies that would benefit from the economy reopening.
Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft were all down around 0.5%. Cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean all rose more than 2%.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke for an hour on Monday regarding another stimulus package but did not reach an agreement. Pelosi's spokesman Drew Hammill said in a tweet that the two planned to speak again on Tuesday.
Traders were also waiting on a speech from Federal Reserve Chairman Jerome Powell, who is expected to tell the National Association of Business Economists on Tuesday that a new stimulus is needed to keep the economic recovery from stalling.
Trump left Walter Reed National Military Medical Center on Monday night, though White House physician Dr. Sean Conley acknowledged earlier in the day that Trump "may not entirely be out of the woods yet."
Investors will get another look at the job market recovery on Tuesday morning when the U.S. Labor Department releases its Job Openings and Labor Turnover Survey. The reading comes after Friday's jobs report for September showed weaker-than-expected labor market growth.
Prices for the 10-Year Treasury stood pat, keeping yields at Monday's 0.77%.
Oil prices added $1.28 to $40.50 U.S. a barrel.
Gold prices gained 20 cents to $1,920.30 U.S. an ounce.
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