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Stocks Struggling for Momentum
Equities in Canada’s largest market were little changed on Tuesday, as a rise in material and health-care stocks was offset by stronger-than-expected producer prices data from the U.S. that dampened hopes of interest rate cuts this year.
The TSX Composite Index slid 23.57 points to move into noon hour at 22,235.60.
The Canadian dollar took on 0.1 cents at 73.28 cents U.S.
The healthcare index led sectoral gains after medical cannabis producer Tilray Brands surged 25 cents, or 9.2%, to $2.96.
Shares in BlackBerry climbed 41 cents to $72.34, following a meme stock trading frenzy reminiscent of a similar rally in January 2021.
Hudbay Minerals climbed $1.22, or 10.2%, to the top of the materials index at $13.24, hitting the highest levels in more than 12 years after the miner beat first-quarter profit estimates.
On the economic calendar, wholesale trade fell 1.1% to $81.4 billion in March.
ON BAYSTREET
The TSX Venture Exchange recovered 3.8 points to pause for lunch at 600.65.
Seven of the 12 TSX subgroups capsized, weighed most by utilities, off 0.7%, energy, sliding 0.7%, and information technology, clicking 0.4% lower.
The five gainers were led by health-care, rocketing 3%, while materials strengthened 1.3%, and communications improved 0.5%.
ON WALLSTREET
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Stocks were unchanged on Tuesday as traders looked for clarity on future Federal Reserve policy moves after April’s producer price index rose more than expected.
The Dow Jones Industrials skidded into negative country 0.05 points to 39,431.46.
The S&P 500 remained afloat 3.52 points by noon hour to 5,224.94.
The NASDAQ stayed positive 46.48 points to 16,434.72.
Shares of GameStop soared 73%, extending their rally from Monday, when they gained 74%.
The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.
Prices for the 10-year Treasury gained a bit of ground, pushing yields down to 4.47% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 93 cents to $78.19 U.S. a barrel.
Gold prices soared $14.00 to $2,355.70.
