TSX Ekes out Gains



Canada’s main stock index opened muted on Tuesday as gains in energy stocks were offset by declines in the financial sector, after Bank of Montreal reported a fall in its first-quarter adjusted profit.

The TSX Composite squeezed higher 3.6 points to 21,327.91.

The Canadian dollar slid 0.09 cents to 73.97 cents U.S.

Bank of Nova Scotia on Tuesday reported a rise in first-quarter profit, as the higher interest rates helped the lender earn more on loans. Scotiabank shares hiked $2.47, or 3.9%, to $66.34.

However, Bank of Montreal reported a fall in its first-quarter adjusted profit, as the bank set aside a large reserve against potential credit losses in a turbulent economy. BMO shares tumbled $5.06, or 4%, to $121.77.

ON BAYSTREET

The TSX Venture Exchange nicked higher 2.74 points to 552.97.

Seven of the 12 subgroups were higher in the first hour, with energy soaring 0.9%, while real-estate and utilities each prospered 0.3%.

The five laggards proved to be financials, down 0.4%, while materials and gold each subtracted 0.3%.

ON WALLSTREET

Stocks were flat Tuesday as the market rally took another breather, with investors looking ahead to key data slated for release later this week.

The Dow Jones Industrials slimmed down 121.04 points to begin Tuesday’s session at 38,948.19.

The S&P 500 squeezed up 0.83 points to 5,070.60.

The NASDAQ index regained 37.43 points to 16,013.63.

Retail giant Macy’s advanced more than 5% after announcing it would close around 150 of its struggling stores after reporting a revenue miss in the prior quarter. Lowe’s gained 5% after posting an earnings beat. Zoom Video and Hims & Hers Health rose 3.7% and 39%, respectively, following earnings reports that exceeded Wall Street expectations.

The latest consumer confidence numbers also fell on worries regarding a potential labor market slowdown and polarized political landscape, according to a Conference Board gauge released Tuesday. The board’s Consumer Confidence Index declined to 106.7, which was lower than the downwardly revised 110.9 in January and below the Dow Jones estimate for 115.1.

Prices for the 10-year Treasury hesitated, raising yields to 4.29% from Monday’s 4.28%. Treasury prices and yields move in opposite directions.

Oil prices gained 57 cents to $78.15 U.S. a barrel.

Gold prices gained $5.60 to $2,044.50.



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