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TSX Slides at Open

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Canada's main stock index was flat in early trade on Tuesday, as gains in gold were countered by a drop in oil prices, while investors were optimistic of demand recovery after the re-openings of the U.S. and European
economies.

The TSX dropped 38.17 points to open Tuesday at 19,436.48.

The Canadian dollar tailed off 0.07 cents Monday to 82.90 cents U.S.

BMO cut the target price on Parex Resources to $30.00 from $32.00. Parex shares dipped 79 cents, or 3.9%, to $19.74.

Canaccord Genuity raised the target price on Toronto-Dominion Bank to $89.50 from $86.50. TD shares nicked up two cents to $88.39.

ON BAYSTREET

The TSX Venture Exchange gained 5.5 points, or 1.2%, to 948.47.

Seven of the 12 subgroups were lower to begin the day, with gold dulling in price 1.5%, materials down 0.9%, and communications off 0.6%.

The five gainers were led by health-care, sprinting 1.5%, information technology, jumping 0.7%, and utilities, up 0.5%.

ON WALLSTREET

Major U.S. stock indexes fluctuated on Tuesday after data showed housing starts dropped sharply last month.

The Dow Jones Industrials stumbled 56.27 points to 34,271.52,

The S&P 500 inched up 0.39 points to 4,163.68,

The NASDAQ hiked 77.25 points to 13,456.29.

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Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday. Economists polled by Dow Jones had forecast starts falling to a rate of 1.7 million units in April.

Better-than-expected earnings from Home Depot and Walmart helped support sentiment.

Walmart shares jumped more than 3% after reporting strong grocery sales and e-commerce growth for the quarter.

Home Depot shares rose more than 1% after stronger-than-expected quarterly results. The retailer reported earnings of $3.86 a share for the previous quarter, much higher than the $3.08 expected by analysts Net sales surged 32.7%, more than expected.

Major tech stocks continued to rebound with Facebook, Amazon, Apple and Microsoft trading higher. Nvidia gained 1%.

Growth-heavy stocks have remained under pressure in recent sessions as investors fret over whether a pop in inflation will entrench or blow over as the Federal Reserve expects. Inflation above the Fed’s 2% target for a sustained period could prompt the central bank to tighten monetary policy and dampen stocks that outperform the market when interest rates are low.

Prices for 10-Year Treasurys were unchanged, keeping yields at Monday’s 1.65%.

Oil prices sank 48 cents to $65.79 U.S. a barrel.

Gold prices lost $3.40 to $1,864.20 U.S. an ounce.


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