(MENAFN- Baystreet)
Canada's main stock index slid over 1% on Tuesday and was at its weakest since late September with investors cashing in gains and bracing for the budget due shortly, amid a global risk-off mood.
The TSX retreated 313.42 points, or 1%, by noon EST Tuesday, to at 29.961.64.
On the corporate front, e-commerce giant Shopify was set to report earnings later in the day. In Toronto, the shares sank $9.64 or 4%, to $234.32.
Industrial parts distributor Wajax reported third-quarter revenue that missed estimates late on Monday. Wajax shares backtracked 17 cents to $24.70.
Among other share moves, Thomson Reuters reported higher third-quarter revenue, while reaffirming its full-year 2025 guidance. However, shares of the content and technology company fell $7.10, or 3.3%, to $207.74.
Energy Fuels plunged $3.57, or 12.4%, to $25.23, while Pet Valu Holdings dropped $4.50, or 12.9%, to $30.30 after their third-quarter results.
Prime Minister Mark Carney is set to unveil his new budget that will roll out a major stimulus to wean the country off its reliance on the U.S. - even as economists warn it could deliver the largest deficit since the pandemic.
On the economic schedule, Statistics Canada noted that the November 4 releases of Canadian international merchandise trade and Canadian international trade in services for the September 2025 reference month will not occur as originally planned and will be released at a later date.
Statistics Canada sources its data on Canada's exports to the United States from the United States Census Bureau (USCB), and the partial shutdown of the U.S. federal government has affected USCB operations, resulting in data files not being transmitted to Statistics Canada.
ON BAYSTREET
The TSX Venture Exchange stumbled 30.45 points, or 3.3%, to 902.72.
All but two of the 12 TSX subgroups were on the decline midday led by gold and materials, each off 2.8%, and information technology, wilting 2.1%.
The two gainers proved to be consumer staples and telecoms, each up 0.4%.
ON WALLSTREET
Stocks fell Tuesday, pressured by declines in artificial intelligence-related names like Palantir as investors grow increasingly concerned about valuations in the bull market-leading shares.
The Dow Jones Industrials fell 159.06 points noon Tuesday to 47,177.62.
The S&P 500 dropped 49.72 points to 6,802.25.
The NASDAQ plummeted 290.90 points to 23,543.82.
Palantir shares shed 7% even as the software company beat Wall Street's estimates for the third quarter and gave strong guidance, fueled by growth in its artificial intelligence business.
Palantir sees $1.33 billion in revenue for the current period, higher than the $1.19 billion expected by analysts, according to LSEG. Revenue in the prior quarter jumped 63%.
Oracle, which sports a current P/E of 60 and forward P/E of 35, shed more than 1%, chipping away at its 50% gain this year.
Chipmaker AMD, which has more than doubled this year and has a current P/E of 149, lost more than 4%. Other AI stocks such as Nvidia fell as well.
AI stock gains have driven the S&P 500's forward price-earnings ratio to above 23, near the highest levels since 2000
Prices for the 10-year Treasury regained strength Tuesday, lowering yields to 4.09% from Monday's 4.11%. Treasury prices and yields move in opposite directions.
Oil prices faded 41 cents to $60.64 U.S. a barrel.
Gold prices waned $29.20 to $3,955.50 U.S. an ounce.

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