(CORRECTS MARKET DIRECTION)
Canada’s main stock index resumed their downward direction on Tuesday on gains in technology and materials stocks, while investors keenly watch out for comments from Federal Reserve officials for more clues on the interest rate path.
The TSX dropped 4.4 points to open Tuesday at 19,780.87.
The Canadian dollar eked upward 0.02 cents to 73.84 cents U.S.
Canada’s big bank results this week are expected to bring forth challenges faced by lenders in setting aside more funds for bad loans in a tough economy that has also led to a slowdown in deal-making and forced borrowers to rethink about fresh mortgages.
The TSX Venture Exchange gained 1.09 points to 586.43.
The 12 TSX subgroups were evenly split, with information technology gaining 0.8%, energy was better 0.7%, and materials improving 0.6%.
The half-dozen laggards were weighed most by communications, felt 0.7%, financials, slipping 0.6%, and utilities, falling 0.2%.
The S&P 500 and NASDAQ Composite rose Tuesday, as the two benchmarks tried to build on their strong gains from the previous session.
The Dow Jones Industrials retreated 31.13 points to begin Tuesday at 34,432.56.
The much broader index gained 5.94 points to 4,405.71.
The tech-heavy NASDAQ index acquired 47.44 points to 13,545.03.
Energy outperformed to lead the S&P 500 higher. Meanwhile, Lowe’s shares rose 2% after the company posted mixed results but reaffirming its full-year guidance. Hasbro was the best-performing S&P 500 stock, advancing more than 7%.
Home sales declined at a faster pace than expected in July as prices pushed higher, the National Association of Realtors reported Tuesday.
Existing sales dropped 2.2% from June, against the Dow Jones estimate for a 0.2% decline. Sales totaled 4.07 million, against the estimate for 4.15 million, and were off 16.6% from a year ago.
Prices for the 10-year Treasury were static, keeping yields at Monday’s 4.34%.
Oil prices inched higher six cents to $80.78 U.S. a barrel.
Gold prices muscled higher $2.20 to $1,920.80 U.S. an ounce.