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TSX Slumps a Mite Soon After Tuesday Open

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 16.27 points in Tuesday’s first hour to 20,565.85.

The Canadian dollar slid 0.13 cents to 75.76 cents U.S.

Canadian earnings season would pick up pace this week, with Canadian National Railway, Rogers Communications and Teck Resources among the major companies reporting quarterly results during the period. CN started Tuesday down two cents to $56.70, while Rogers docked 30 cents to $59.14, and Teck surged $1.65, or 2.9%, to $58.05.

The communications sector slipped on Tuesday, dragged by a fall of 19 cents in Quebecor to $32.63.

TMX Group slipped 70 cents, or 2.3%, to $29.45 after RBC downgraded the stock to sector perform from outperform.

TC Energy lost 98 cents, or 1.9%, to $49.92 after CIBC downgraded the stock to neutral from outperform.


The TSX Venture Exchange regained 4.35 points to begin the session 616.34.

Seven of the 12 TSX subgroups were higher to start things out, with materials improving 1.3%, gold brightening 0.8%, and industrials, better by 0.4%.

The five laggards were weighed most by communications, sliding 0.9%, health-care, down 0.8%, and consumer staples, off 0.7%.


Stocks were little changed Tuesday as the Dow Jones Industrial Average struggled to build on its longest winning streak in more than six years, while traders weighed the latest earnings reports.

The 30-stock index nicked ahead 1.54 points to begin Tuesday at 35,412.78.

The S&P 500 added 3.89 points to 4,558.53.

The NASDAQ index gained 57.69 points to 14,116.56.

General Motors shares fell more than 5% even after the automaker hiked its full-year earnings guidance. General Electric, meanwhile, climbed nearly 5% on the back of stronger-than-expected revenue for the second quarter.

Megacap tech names Alphabet and Microsoft are scheduled to announce their quarterly results after the close.

Nearly 130 S&P 500 companies have reported second-quarter earnings thus far. Of those names, about 79% have exceeded analyst expectations, FactSet data shows.

Prices for the 10-year Treasury gained ground Tuesday morning, raising yields to 3.90% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.

Oil prices took on 37 cents to $79.11 U.S. a barrel.

Gold prices dropped $1.70 to $1,960.50 U.S. an ounce.

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