TSX Opens Higher on Materials Boost


Stocks in Canada’s largest market opened higher on Tuesday, led by gains in materials stocks, while investors remained cautious ahead of the Bank of Canada’s interest rate decision and economic data in the United States this week.

The TSX Composite added 43.02 points to open for business Tuesday at 21,574.09.

The Canadian dollar was lower 0.03 cents at 73.63 cents U.S.

The Canada Energy Regulator said on Monday it had approved a toll settlement between Enbridge and shippers for moving oil along the Canadian mainline. Enbridge shares gained 28 cents to $47.42.

ON BAYSTREET

The TSX Venture Exchange climbed 3.74 points to 575.34.

The 12 subgroups were evenly divided by the closing bell, with health-care trailing 1.6%, consumer staples off 1.3%, and communications shedding 0.8%.

The half-dozen gainers were led by gold, shining 4.2% brighter, materials, stronger by 2.2%, and real-estate, building 0.3%.

ON WALLSTREET

U.S. stocks ticked lower Tuesday, putting Wall Street on track to build on the previous session’s decline as the market eases from record levels.

The Dow Jones Industrials plunged 151.16 points to begin Tuesday at 38,838.67.

The S&P 500 dropped 34.09 points to 5,096.86.

The NASDAQ sank 222.74 points, or 1.4%, to 15,984.77.

AMD fell more than 2% lower after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. GitLab tumbled more than 13% after the software company posted a weak forecast for the full year.

Apple shed more than 2% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024. Several other mega-cap technology stocks including Tesla, Netflix and Microsoft shed more than 1%. The S&P 500’s information technology sector led the index down in Tuesday’s session with a drop of more than 1%.

Beyond technology, Target jumped more than 11% after holiday-quarter earnings came in stronger than Wall Street forecast. AeroVironment rallied more than 16% following a better-than-anticipated quarterly report and outlook from the defense company.

Prices for the 10-year Treasury bounced, lowering yields to 4.13% from Monday’s 4.22%. Treasury prices and yields move in opposite directions.

Oil prices dipped 18 cents to $78.56 U.S. a barrel.

Gold prices surged $15.00 to $2,141.30.



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