(MENAFN- Baystreet) TSX Flounders in Red
Futures in Toronto Fall Ahead of Inflation Data
TSX Has Stage All to Itself, Enjoys Healthy Gains
Stocks Keep Head Above Water
Stumbling Start for TSX Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, January 16, 2024
Stocks Tank on Inflation Numbers Barrick, Quantum in Focus Equities in Canada's largest centre opened lower on Tuesday led by losses in the materials sector, while investors were disappointed that core inflation rose more than expected in December ahead of next week's interest rate decision by the Bank of Canada
The TSX Composite collapsed 206.67 points, or 1%, to open Tuesday at 20,855.21.
The Canadian dollar backed off 0.2 cents to 74.22 cents U.S.
First Quantum Minerals said it plans to conserve capital after it was forced to halt production at its Cobre Panama copper mine. First Quantum shares opened Tuesday lower by 40 cents, or 3%, to $13.00.
U.S.-listed shares of Barrick Gold were down over 2% in pre-market trading, after it said its all-in-sustaining costs (AISC) per ounce of gold in the fourth quarter rose from the previous quarter. Shares in the world's biggest gold producer lost 83 cents, or 3.5%, to $22.80.
On the economic board, Statistics Canada reported the Consumer Price Index rose 3.4% on a year-over-year basis in December, following a 3.1% increase in November. On a seasonally adjusted monthly basis, the CPI rose 0.3% in December.
Canada Mortgage and Housing Corporation told us housing starts registered 249,300 in December, compared to 212,600 in November.
ON BAYSTREET
The TSX Venture Exchange sagged 3.62 points to open Tuesday at 560.80.
All 12 subgroups gave way Tuesday, gold shedding 1.8%, materials down 1.7%, and utilities off 1.6%.
ON WALLSTREET
Stocks fell Tuesday as rates ticked higher and Wall Street pored through the latest batch of fourth quarter earnings. Investors also awaited more data that can give better glimpse into the state of the American consumer.
The Dow Jones Industrials plunged 191.03 points at 37,401.95.
The S&P 500 sank 21.06 points to 4,762.77.
The NASDAQ crumbled 66.48 points to 14,906.28.
Markets were closed on Monday for Martin Luther King Day.
Several major banks released their quarterly earnings Tuesday morning. Goldman Sachs reported better-than-expected profit and revenue, while Morgan Stanley posted a revenue beat in the fourth quarter. Shares of Goldman fell 0.6% while Morgan slipped 3.5%.
Investors are also looking ahead to December retail sales data out Wednesday, which could fuel recessionary fears and concerns about economic growth if U.S. consumer spending sees a cooldown.
Wall Street is coming off its 10th positive week in 11. The Dow and S&P 500 gained 0.3% and 1.8%, respectively, last week. The Nasdaq jumped 3% for its biggest weekly gain since November.
Prices for the 10-year Treasury slipped, raising yields to 4.01% from Friday's 3.94%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 52 cents to $72.16 U.S. a barrel.
Gold prices dipped $10.90 to $2,040.70.
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