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Stocks Turn Positive by Noon



Canada’s main stock index touched near two-week lows on Tuesday as financials fell following Bank of Nova Scotia’s profit miss, while First Quantum Minerals slumped after a Panama court ruled its copper mine contract in the country as unconstitutional.

The TSX Composite regained 39.69 points to move into noon hour EST Tuesday at 20,072.35.

The Canadian dollar picked up 0.16 cents at 73.66 cents U.S.

Bank of Nova Scotia fell $2.53, or 4.2%, to $57.72, after the lender missed fourth-quarter profit estimates, while the broader financials sector lost 1.2%.

First Quantum Minerals shed seven cents to $12.67 after Panama’s Supreme Court ruled the miner’s contract to operate a lucrative copper mine in the Central American nation is unconstitutional.

Shopify slipped declined $1.42, or 1.4%, to $99.09, after Piper Sandler downgraded the e-commerce company’s stock to “underweight”.

ON BAYSTREET

The TSX Venture Exchange climbed 6.7 points, or 1.3%, to 536.28.

Seven of the 12 TSX subgroups were higher, with gold soaring 3.1%, materials stronger by 1.9%, and energy rumbling 1.3%.

The five laggards were weighed most by financials, poorer by 0.7%, health-care, ailing 0.6%, and information technology, clicking lower 0.2%.

ON WALLSTREET

Stocks rose Tuesday, resuming their November rally, as comments from a Federal Reserve official raised hope that the central bank may not need to raise interest rates further.

The Dow Jones Industrials rumbled higher 159.03 points to roar into noon on Tuesday at 35,492.50.

The S&P 500 jumped 12.9 points to 4,563.33.

The NASDAQ recovered 40.67 points to 14,281.69.

On the earnings front, CrowdStrike is expected to report earnings after the bell.

Fed Governor Christopher Waller had expressed confidence earlier Tuesday that policy is “currently well positioned” to slow the economy and bring inflation back to 2%. His commentary comes ahead of the Federal Open Market Committee’s policy meeting on Dec. 12-13. Markets generally expect the committee to keep its key lending rate steady.

Monday’s modest retreat comes near the end of November’s strong trading month, which concludes with Thursday’s close. The Dow looks to end November 6.9%, and S&P 500 is on pace to finish the month 8.4% higher. The technology-heavy NASDAQ has climbed 10.8% in November.

Prices for the 10-year Treasury jumped, lowering yields to 4.34% from Monday’s 4.39%. Treasury prices and yields move in opposite directions.

Oil prices gained two cents to $76.85 U.S. a barrel.

Gold prices jumped $28.00 to $2,040.40.



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