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TSX Hangs Onto Gains

Markets in Toronto dipsy-doodled Tuesday, but ended the session pointed upward, mostly on the strength of tech and health-care concerns.

The TSX Composite squeezed higher 16.71 points to close Tuesday at 18,873.47.

The Canadian dollar sank 0.19 cents at 72.11 cents U.S.

Health-care stocks led the parade of winners, with Tilray acquiring eight cents, or 3.3%, to $2.48, while Bausch Health Companies prospered 21 cents, or 2.3%, to $9.45.

Among tech stocks, Celestica grabbed $1.66, or 5.4%, to $32.38, while Docebo jumped $1.78, or 3.4%, to $54.67.

In communications, Quebecor heightened 63 cents, or 2.3%, to $28.64, while Telus captured two cents to $22.38.

Gold and materials sank, however, OceanaGold losing 10 cents, or 4.1%, to $2.32, while NovaGold Resources dipped 18 cents, or 3.6%, to $4.83.

First Quantum Minerals took the worst bruising on the index, $3.95, or 19.8%, to $16.05, while First Majestic Silver dropped 39 cents, or 5.1%, to $7.14.

In utilities, units of Brookfield Renewable Partners gave back $1.34, or 4.4%, to $28.91, while Transalta fell 30 cents, or 2.9%, to $10.15.

On the economic slate, Statistics Canada reported gross domestic product was essentially unchanged in August as services-producing industries edged up 0.1% while goods-producing industries contracted 0.2%.

ON BAYSTREET

The TSX Venture Exchange gained 2.63 points to 516.07.

All but three of the 12 TSX subgroups were positive on the session, with health-care stocks hurtling 1.8% higher, with information technology better 1.1%, and communications, up 0.7%.

The three laggards were co-weighed by gold and materials, each down 2.2%, while utilities skidded 0.9%.

ON WALLSTREET

Read:

Stocks traded higher Tuesday, as Wall Street tried to close out a dismal month of trading — that saw Treasury yields surge to levels not seen in more than 16 years — on a high note.

The Dow Jones Industrials climbed 123.91 points, to finish Tuesday at 33,052.87, after Monday’s climb of more than 500 points.

The S&P 500 index climbed 26.98 points to 4,193.80.

The NASDAQ surged 61.76 points to 12,851.24.

Real estate outperformed in the S&P 500, with the sector up nearly 2%. Notably, however, some mega-cap tech stocks weighed on the index. Alphabet and Meta Platforms shares were lower. Nvidia declined by about 1%.

Earnings season continued Tuesday. Caterpillar slid 7% after the construction equipment maker said its fourth-quarter revenue would only be “slightly” higher than the year-ago period. JetBlue shares dropped more than 10% after the airline’s third-quarter results missed expectations on the top and bottom lines.

Stocks are headed for their third-straight losing month. The Dow slipped 1%, and the S&P 500 is down 2%. This marks the first three-month losing streak for both indexes since March 2020. The tech-heavy NASDAQ has declined more than 2% in October, also on pace for its third consecutive negative month.

Wall Street is also keeping a close eye on the Fed’s next decision on interest rates this Wednesday. Fed funds futures pricing suggests a roughly 98% probability that the central bank will keep rates at current levels.

Prices for the 10-year Treasury made small gains, lowering yields to 4.92% from Monday’s 4.89%. Treasury prices and yields move in opposite directions.

Oil prices slipped $1.03 to $81.28 U.S. a barrel.

Gold prices subtracted $11.60 to $1,994.