Canada’s main stock index opened flat on Tuesday, despite boosts by mining and energy stocks, while Bank of Nova Scotia fell after missing analysts’ estimates for fourth-quarter profit.
The TSX was lower by 4.98 points to start out Tuesday at 25,585.35
The Canadian dollar sank 0.05 cents to 71.15 cents U.S.
Scotiabank reported a higher fourth-quarter profit, as it set aside a smaller amount in rainy-day funds and earned more from interest. Scotiabank shares dropped $2.68, or 3.4%, to $77.11
The top Canadian banks over the past year had to set aside more money for bad loans as clients struggled with mortgage and loan payments due to high interest rates and elevated living costs.
ON BAYSTREET
The TSX Venture Exchange inched up 0.71 points to 613.72.
Seven of the 12 TSX subgroups were higher shortly after Tuesday’s opening bell, with gold up 1.7%, materials better by 1.5%, and communications ahead 0.7%.
The five laggards were weighed most by industrials, sliding 0.6%, energy, off 0.5%, and financials, behind Monday by 0.4%.
ON WALLSTREET
Stocks were little changed Tuesday as a rally to record levels took a pause.
The Dow Jones Industrial index declined 81.71 points to 44,700.29
The S&P 500 nicked ahead 4.76 points to 6,042.39.
The NASDAQ Composite eked up 6.94 points to 19,410.89.
Shares of artificial intelligence server maker Super Micro Computer jumped 4%, continuing its upwards tear. The stock added 29% on Monday after a special committee said it found “no evidence of misconduct” within the company. Nike fell 1% and Honeywell, off 2%, dragged the Dow lower.
On the earnings front, investors will follow releases from Salesforce and Okta due after the bell.
Both the S&P 500 and NASDAQ hit record highs on Monday, adding to their strong postelection gains. Since the Nov. 5 vote, S&P 500 has climbed 4.6%, and the NASDAQ has rallied 5.2%. The Dow is up 6% since then, and is trading near the key 45,000 level.
Economic data released on Tuesday morning showed that job openings were higher in October compared to September. 7.74 million job openings were posted last month, beating the Dow Jones estimate of 7.5 million.
This was the first in a salvo of data releases expected this week that can provide insight into the strength of the labor market. The main event will be Friday’s November payrolls report.
Prices for the 10-year Treasury were unchanged, keeping yields at Monday’s 4.19%.
Oil prices increased 90 cents to $69.00 U.S. a barrel.
Prices for gold forged ahead $4.50 an ounce to $2,663 U.S.
