Canada’s main stock index fell midday Tuesday as investors awaited the U.S. Federal Reserve’s outlook on interest rate and economic growth amid the trade war.
The TSX Composite Index was in the minus category 205.66 points noon Tuesday to 24,579.45.
The Canadian dollar edged down 0.07 cents to 69.87 cents U.S.
Among individual stocks, Definity Financial fell $2.62, or 4.3%, to $58.64, after Swiss Re announced a sale of its 10.5% stake in the Canadian insurer for $ 655 million.
The Organization for Economic Cooperation and Development said on Monday President Donald Trump’s tariff hikes may put inflationary pressures and drag down growth in Canada, Mexico and the U.S.
On the economic slate, Statistics Canada’s Consumer Price Index (CPI) rose 2.6% on a year-over-year basis in February, up from a 1.9% increase in January. On a seasonally adjusted monthly basis, the CPI rose 0.7% in February.
ON BAYSTREET
The TSX Venture Exchange shed 0.76 points to 629.93.
All but three of the 12 TSX subgroups were negative by noon hour, weighed most by information technology, down 2.4%, consumer staples, off 1.7%, and industrials, sliding 1.4%.
The three gainers proved to be gold, up 0.9%, health-care, forging ahead 0.4%, and materials, better by 0.3%.
ON WALLSTREET
Stocks edged lower Tuesday as a selloff that has engulfed Wall Street in recent weeks resumed after two straight winning sessions.
The Dow Jones Industrials sank 313.05 points to 41,528.51
The S&P 500 docked 62 points, or 1.1%, to 5,613.11
The NASDAQ plummeted 281.98 points, or 1.6%, to 17,526.68
Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell almost 4% after RBC Capital Markets lowered its price target on the electric vehicle name, citing rising competition in the EV space. It’s declined 35% over the past month.
The EV-maker wasn’t the only tech name down during the session. Shares of Palantir and Nvidia dropped more than 3% and 2%, respectively.
Those moves follow a second-straight winning session on Wall Street. That marks a turn after several tough weeks on Wall Street as some soft economic data and President Donald Trump’s on-again-off-again tariff policy left investors wary of the U.S.’ financial health.
Prices for the 10-year Treasury eked lower Tuesday, lowering yields to 4.31% from Monday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices removed 41 cents to $67.17 U.S. a barrel.
Prices for gold hiked $33.30 an ounce to $3,039.40 U.S.
