Stocks Stagger To Close Tuesday

(MENAFN- Baystreet) Stocks Stagger to Close Tuesday
Weston, Tilray Finish Day Woozy

The high times for stock markets across North America were put on pause Tuesday, with indexes on both sides of the border sliding into the red, anchored by consumer stocks.
The TSX Composite finished down 136.5 points at 20,109.97.
The Canadian dollar recovered 0.14 cents at 73.03 cents U.S.
Consumer Stocks put a weight on indexes Tuesday, with George Weston taking it on the chin $9.32, or 5.7%, to $155.32, while Maple Leaf Foods decreased 89 cents, or 3.5%, to $24.76. BRP stumbled $3.48, or 3.4%, to $100.49, while Park Lawn Corporation dipped 68 cents, or 4%, to $16.25.
Health-care stocks all took their lumps, with Tilray off seven cents, or 2.8%, to $2.42, while Bausch Health Companies gave up 14 cents, or 1.5%, to $9.52.
Gold tried to lead the indexes out of the gloom, with Alamos Gold ahead 82 cents, or 4.6%, to $18.49, while Centerra Gold hiked 41 cents, or 5.7%, to $7.67.
Among other resource stocks, Endeavour Silver took on 15 cents, or 5.2%, to $3.04, while First Majestic Silver grabbed 32 cents, or 4.5%, to $7.51.
October's consumer price index rose 3.1% on a year-over-year basis, following a 3.8% increase in September. On a seasonally adjusted monthly basis, the CPI fell 0.1% in October.
Elsewhere, the national new housing price index was unchanged month over month in October. Prices were down or unchanged in 22 of the 27 census metropolitan areas surveyed and up in the remaining five.
The TSX Venture Exchange sagged 2.84 points to 529.62.
All but two of the 12 TSX subgroups were lower by the closing bell, with consumer discretionary and consumer staples each declining 1.7%, while health-care caving 1.5%.
The two gainers were gold, up 2.2%, and materials, advancing 0.7%.
Stocks slid on Tuesday as traders assessed the latest Federal Reserve meeting minutes, where officials gave no indication of interest rate cuts.
The Dow Jones Industrials finished lower 63.74 points to end Tuesday at 35,074.30.
The S&P 500 dropped 9.19 points to 4,538.19.
The NASDAQ sank 84.55 points to 14,199.98.
Both the broad-market benchmark and the tech-heavy NASDAQ snapped a string of five consecutive winning days.
The Fed indicated that policy will need to remain“restrictive” amid concerns that inflation could be stubborn or tick higher. Policymakers left the benchmark rate at 5.25% to 5.5% during their Oct. 31-Nov. 1 meeting.
As rates remain“higher for longer,” housing data shows last month was difficult for prospective homebuyers. Existing home sales in October came in at 3.79 million units, versus estimates of 3.9 million, according to the National Association of Realtors. This marked the slowest sales pace since August 2010, and a 14.6% fall from the prior year.
Lowe's declined 3.1% after reducing its full-year sales outlook. Clothing retailer American Eagle tumbled nearly 16% after weaker-than-expected operating income guidance for the full year.
Meanwhile, e-commerce giant Amazon shed 1.5% amid reports former CEO Jeff Bezos may be selling more shares, after offloading 1.67 million shares last week.
Traders will also turn to earnings from Nvidia and HP. Nvidia shares hit an all-time high on Monday, but dipped 0.9% on Tuesday.
Traders are hoping to glean some insight into policymakers' rate decision after the central bank left its benchmark rate at 5.25%-5.5%, and learn what it might take for them to change tack going forward. Fed funds futures pricing suggests near unanimity that the Federal Open
Market Committee will hold steady at its upcoming December meeting.
Prices for the 10-year Treasury advanced, lowering yields to 4.41% from Monday's 4.42%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged to $77.83 U.S. a barrel.
Gold prices regained $20.30 to $2,000.60.


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