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Down Day for Markets in Toronto

Stocks in Toronto stumbled a bit Tuesday, heading into the Canada Day long weekend, mostly on the backs of consumer discretionary and communications.

The TSX Composite Index dropped 60.11 points to conclude Tuesday at 21,788.48.

The Canadian dollar was flat to 73.26 cents U.S.

Consumer discretionary stocks were the worst off, with BRP declining $3.18, or 3.6%, to $85.98, while Magna International sank $1.22, or 2.1%, to $56.94.

In communications, Cogeco ditched $1.26, or 2.4%, to $51.58, while TELUS fell 44 cents, or 2%, to $21.20.

Health-care also ailed, with Tilray off eight cents, or 3.5%, to $2.21, while Sienna Senior Living handed back 22 cents, or 1.5%, to $14.20.

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Among consumer staple stocks which gained ground, Premium Brands picked up $1.80, or 2%, to $92.91, while Jamieson Wellness copped 46 cents, or 1.7%, to $28.00.

In the economic docket, Statistics Canada says May’s gross domestic product rose 2.9% on a year-over-year basis in May, up from a 2.7% gain in April. On a seasonally-adjusted monthly basis, the CPI rose 0.3% in May.

ON BAYSTREET

The TSX Venture Exchange added 0.76 points to 564.57.

All but two of the 12 TSX subgroups were lower on the day, weighed most by consumer discretionary, dumping 1.6%, communications, off 1.3%, and health-care, sliding 1.1%.

The two gainers were information technology, up 1.2%, and consumer staples, ahead 0.8%.

ON WALLSTREET

A rebound in Nvidia shares led the S&P 500 and NASDAQ Composite higher on Tuesday, a day after a selloff in the chipmaking giant.

The Dow Jones Industrials tumbled 299.05points to 39,112.16.

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The S&P 500 recovered 21.43 points to 5,469.30.

The NASDAQ jumped 220.84 points, or 1.3%, to 17,717.65.

Nvidia shares gained more than 6%. During the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19, when it lost 10%.

The latest decline pushed the artificial intelligence darling deeper into correction territory, or more than 13% below its intraday record. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm and Broadcom.

Nvidia’s losses pushed the Nasdaq down more than 1% on Monday, its biggest one-day loss since April. The Nasdaq-100 also suffered its worst day since April as investors rotated out of chipmakers. This intermarket shift boosted the Dow more than 200 points, making it the lone U.S. stock benchmark to post a gain in the previous session.

Several large-cap tech names also rose after suffering declines on Monday. Amazon, Meta and Google all rose more than 1%.

Meanwhile, SolarEdge Technologies sank 21% after announcing plans for a $300 million private offering of convertible notes. Pool Corp. also dropped 7.7% after adjusting its guidance downward.

Prices for the 10-year Treasury slid, raising yields 4.24% from Monday’s 4.23%. Treasury prices and yields move in opposite directions.

Oil prices dropped 80 cents at $80.83 U.S. a barrel.

Gold prices dulled $12.50 to $2,331.90