The malaise continued to grip equity markets throughout North America Tuesday, with markets in Canada taking some blows, in suspense about what may happen with the U.S. Federal Reserve Wednesday.
The TSX Composite Index gave up 79.04 points to close Tuesday at 24,706.07.
The Canadian dollar edged up 0.02 cents to 69.96 cents U.S.
Among individual stocks, Definity Financial fell $2.01, or 3.3%, to $59.25, after Swiss Re announced a sale of its 10.5% stake in the Canadian insurer for $ 655 million.
Tech stocks were the most ground-prone Tuesday, with Bitfarms down 14 cents, or 8.8%, to $1.45, while Celestica floundered $5.91, or 4.5%, to $125.17.
In real-estate, units of Riocan REIT handed over 67 cents, or 3.6%, to $17.88, while StorageVault dipped 11 cents, or 2.8%, to $3.87.
Industrials fared badly, too, as Cargojet headed straight down $1.70, or 2%, to $85.37, while WSP Global fell $3.54, or 1.4%, to $245.89.
Gold stocks were much improved, though, with Aya Gold stronger $1.22, or 9.9%, to $13.60, while Torex Gold Resources headed up $1.19, or 3.3%, to $37,35.
In other metals, Ero Copper gained 76 cents, or 4.4%, to $19.60, while Interfor shares picked up 51 cents, or 3.5%, to $15.21.
Tilray stood out among health-care stocks, better by four cents, or 4.4%, to 96 cents.
The Organization for Economic Cooperation and Development said on Monday President Donald Trump’s tariff hikes may put inflationary pressures and drag down growth in Canada, Mexico and the U.S.
On the economic slate, Statistics Canada’s Consumer Price Index (CPI) rose 2.6% on a year-over-year basis in February, up from a 1.9% increase in January. On a seasonally adjusted monthly basis, the CPI rose 0.7% in February.
ON BAYSTREET
The TSX Venture Exchange inched higher 0.65 points to 631.34.
Seven of the 12 TSX subgroups were in the green by the close with gold higher 0.7%, health-care haler 0.5%, and materials stronger by 0.5%.
The five laggards were weighed most heavily by information technology, sliding 1.8%, real-estate jettisoning 0.9%, and industrials, off 0.8%.
ON WALLSTREET
Stocks edged lower Tuesday as a selloff that has engulfed Wall Street in recent weeks resumed after two straight winning sessions.
The Dow Jones Industrials sank 260.32 points to close at 41,581.31
The S&P 500 docked 60.45 points, or 1.1%, to 5,614.66
The NASDAQ plummeted 304.54 points, or 1.7%, to 17,504.12
Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5% after RBC Capital Markets lowered its price target on the electric vehicle name, citing rising competition in the EV space. It’s declined more than 36% over the past month.
The EV-maker wasn’t the only tech name down during the session. Shares of Palantir faltered nearly 4% and Nvidia dropped more than 3%
Those moves follow a second-straight winning session on Wall Street. That marks a turn after several tough weeks on Wall Street as some soft economic data and President Donald Trump’s on-again-off-again tariff policy left investors wary of the U.S.’ financial health.
Traders will closely follow Wednesday afternoon’s interest rate announcement and subsequent press conference with Fed Chair Jerome Powell. Fed funds futures are pricing in a 99% likelihood that the central bank holds rates steady,
Prices for the 10-year Treasury eked higher Tuesday, lowering yields to 4.29% from Monday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices removed 69 cents to $66.89 U.S. a barrel.
Prices for gold hiked $37.10 an ounce to $3,043.20 U.S.
