TSX Start Day Down
Metro, Blackline in Vogue
Equities in Canada's largest market fell at the open on Tuesday, as energy and consumer discretionary stocks dragged the index lower while investors viewed U.S. business activity data to gauge the impact of the Federal Reserve's aggressive monetary policy.
The TSX shed 94.96 points to begin Tuesday's session at 20,536.62.
The Canadian dollar faltered 0.14 cents at 74.64 cents U.S.
Meanwhile, another interest rate hike by the Bank of Canada is looming large, with traders leaning towards a 25-basis-point hike on Wednesday.
On the earnings front, investors will look out for quarterly results from Metro and Blackline Safety before the markets open. Metro shares rocketed $2.10, or 2.8%, to $76.48, while those for Blackline were static at $1.90.
The TSX Venture Exchange recovered 0.45 points to 622.42.
All but two of the 12 subgroups lost ground in the first hour, weighed most by consumer discretionary stocks, plunging 1.9%, energy, down 1.1%, and gold, off 0.7%.
The two laggards were consumer staples, ahead 1.1%, while communications progressed 0.7%.
Stocks fell Tuesday as investors struggled to build on a strong start to the week during a busy stretch of corporate earnings.
The Dow Jones Industrials backpedal 68.9 points to 33,560.66.
The S&P 500 dipped 13.87 points to 4,005.94.
The NASDAQ Composite fell 28.85 points to 11,335.57.
Earnings season continued Tuesday with results from 3M and Verizon. Both stocks fell on disappointing guidance. Software giant Microsoft reports after the bell.
Shares of many companies listed on the New York Stock Exchange were briefly halted after the market open because of a technical issue. Affected stocks included Nike, McDonald's and Morgan Stanley. The NYSE said the problem has been resolved.
Verizon shares slipped 1.5% after the company posted mixed results for the 2022 fourth quarter. While earnings met analyst predictions, forward earnings fell short of a Refinitiv consensus estimate.
Bed Bath & Beyond stock gained 5.8%, building on its dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond shares are up 17.1%.
Prices for the 10-year Treasury gained some ground, lowering yields to 3.50% from Monday's 3.53%. Treasury prices and yields move in opposite directions.
Oil prices deleted 48 cents to $81.14 U.S. a barrel.
Gold prices inched up 60 cents to $1,929.20 U.S. an ounce.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.