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Canada’s main index slipped on Tuesday, dragged down by oil and mining stocks as commodity prices fell ahead of the U.S. Federal Reserve’s monetary policy meeting on Wednesday.
The TSX slid 86 points to open Tuesday at 25,061.21.
The Canadian dollar fell 0.3 cents to 69.95 cents U.S.
In economic news, Statistics Canada’s Consumer Price Index rose 1.9% on a year-over-year basis in November, down from a 2.0% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.1% in November.
Elsewhere, the agency said foreign investors increased their exposure to Canadian securities by $21.5 billion in October, a second consecutive month marked by significant investment activity. Meanwhile, Canadian investors reduced their holdings of foreign securities by $2.6 billion, the first divestment since January.
Lastly, the new housing price index edged up 0.1% on a month-over-month basis in November. Prices were up in eight of the 27 census metropolitan areas surveyed, while prices were unchanged in 15 CMAs and declined in four.
ON BAYSTREET
The TSX Venture Exchange slid 5.67 points to 595.58
Eight of the 12 TSX subgroups were lower, weighed most by energy, down 1.8%, while materials skidded 1%, and communications lost 0.8%.
The four gainers were led by real-estate, advancing 0.5%, information technology, eking up 0.2%, and health-care, inching up 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average was threatening to enter the history books on Tuesday with its first 9-day losing streak since the 1970s in sight.
The 30-stock index tumbled 256.12 points to 43,461.36, after a losing streak of eight straight sessions.
The S&P 500 index declined 36.47 points to 6,037.61
The tech-heavy NASDAQ collapsed 158.34 points to 20,015.55.
The Dow’s losing streak began the day after it closed above 45,000 for the first time ever earlier in the month.
Nvidia, a new tech member of the Dow that joined last month, has also struggled despite the tech sector’s recent gains, slipping into correction territory Monday.
Meanwhile Broadcom has been surging to new highs, with investors finding a new chip stock to love. And Alphabet, Apple and Tesla also hit new records on Monday, with the iPhone maker notching a fresh high on Tuesday. Tesla was also higher, though Broadcom shed 3.6%.
November’s retail sales figure out Tuesday came in better than economists expected, adding to concern that the Fed may be taking unnecessary action.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 4.38% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.25 to $69.46 U.S. a barrel.
Prices for gold faded $14.20 an ounce to $2,655.80 U.S.
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