Canada’s main stock index was flat on Tuesday, as gains in materials were offset by losses in communications, while investors looked forward to more earnings this week.
The TSX let go of 21.25 points by noon Tuesday to 20,560.97.
The Canadian dollar slid 0.07 cents to 75.83 cents U.S.
Canadian earnings season would pick up pace this week, with railroad operator Canadian National Railway, telecom firm Rogers Communications and mining firm Teck Resources among the major companies reporting quarterly results during the period.
CN shares took on 24 cents to $156.96, while Rogers shares settled nine cents to $59.35, and Teck shares galloped $1.55, or 2.8%, to $57.95.
TMX Group slipped 54 cents, or 1.8%, to $29.61, after RBC downgraded the stock to “sector perform” from “outperform”.
TC Energy lost $1.37, or 2.7%, to $49.52 after CIBC downgraded the stock to “neutral” from “outperformer”.
ON BAYSTREET
The TSX Venture Exchange regained 4.33 points to break for lunch at 616.32.
Seven of the 12 TSX subgroups were lower midday, with consumer staples skidding 1.2%, while communications slumped 0.9%, and financials were down 0.6%.
The five gainers were led by materials, up 1.3%, while gold and energy stocks each made 0.7% worth of progress.
ON WALLSTREET
The Dow Jones Industrial Average was higher Tuesday as it tried to build on its longest winning streak in more than six years, while traders weighed the latest earnings reports.
The 30-stock index rumbled 70.52 points by noon hour EDT Tuesday at 35,481.76.
The S&P 500 added 13.75 points to 4,568.39.
The NASDAQ index hiked 94.01 points to 14,152.87.
General Motors shares fell more than 4% even after the automaker hiked its full-year earnings guidance. Meanwhile, General Electric climbed more than 5% on the back of stronger-than-expected revenue for the second quarter.
Elsewhere, UPS rose 0.4% after it reached a tentative deal with the Teamsters union and avoided a strike.
Megacap tech names Alphabet and Microsoft are scheduled to announce their quarterly results after the close.
Earnings season is underway with nearly 130 S&P 500 companies having reported second-quarter earnings thus far. Of those names, about 79% have exceeded analyst expectations,
Prices for the 10-year Treasury gained slightly Tuesday afternoon, raising yields to 3.89% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices took on a dollar to $79.74 U.S. a barrel.
Gold prices recovered $3.80 to $1,966.00 U.S. an ounce.
