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Growth outlooks fade, stocks dwindle
Canada's main stock index opened lower on Tuesday, tracking global stocks, after the International Monetary ...

Canada's main stock index opened lower on Tuesday, tracking global stocks, after the International Monetary Fund cut its global growth forecasts blaming the Sino-U.S. trade war.

The S&P/TSX Composite Index lost 82.91 points to open a short week at 15,863.26

The Canadian dollar slumped 0.25 cents to 76.93 cents U.S.

Markets in Canada were closed for Thanksgiving

Raymond James raised the price target on Canadian Pacific Railway to $340.00 from $305.00. CP shares gained $1.01 to $286.57.

BMO raised the target price on Suncor Energy to $65.00 from $60.00. Suncor shares nicked ahead four cents to $50.72.

IA Securities cut the target price on Supremex Inc. to $4.50 from $5.25. Supremex shares were static at $3.60.

In the health-care field, Canopy Growth rocketed $2.57, or 4.2%, to $64.06, while Aurora Cannabis gained 40 cents, or 3.1%, to $13.21.

On the economic slate, Canada Mortgage and Housing Corporation reported housing starts fell to 188,683 in September from a revised 189.843 in August.


The TSX Venture Exchange lost 0.7 points to 704.99

Eight of the 12 subgroups were negative in the first hour, what with information technology sliding 1.3%, gold losing 1.2%, and materials 1.2% to the bad.

The four gainers were led by health-care, rocketing 1.5%, real-estate and utilities each inching up 0.1%.


Stocks cut losses on Tuesday as U.S. interest rates retreated from fresh multiyear highs seen earlier in the session.

The Dow Jones Industrial Average drooped 40.57 points to start the day’s trading at 26,446.21

The S&P 500 was just 0.42 points south of breakeven to 2,884.01, led by gains in consumer discretionary and utilities.

The NASDAQ regained 14.87 points to 7,750.82, as Facebook and Amazon both traded higher.

The recent rise in interest rates comes as investors brace for the upcoming earnings season, which starts later this week. J.P. Morgan Chase, Wells Fargo, Citigroup and Walgreens Boots Alliance are among the companies set to report.

Overall, analysts expect corporate earnings to have grown by about 19% in the third quarter, according to data from FactSet. Earnings grew by 25% in the first two quarters of the year.

However, PPG Industries, an industrial coatings manufacturer, fell more than 7% after updating its third-quarter guidance. The company now expects adjusted earnings per share to range between $1.41 and $1.45, well below an estimate of $1.59.

The so-called core PCE price index, which is the Federal Reserve's preferred measure of inflation, remained at 2% in August. A figure of 2% is the Fed's inflation target.

The benchmark 10-year Treasury note yield rose to its highest level since 2011, before slipping. The longer-term 30-year bond yield also
reached its highest mark since 2014.

Prices for the benchmark for the 10-year U.S. Treasury gained a bit of ground, lowering yields to 3.22% from Friday’s 3.23%. Treasury prices and yields move in opposite directions.

Oil prices gathered 32 cents at $74.61 U.S. a barrel.

Gold prices nicked up 10 cents to $1,188.70 U.S. an ounce.