Canada's benchmark index fell on Tuesday, dragged by heavyweight mining shares, as investors assessed key domestic and U.S. inflation data.
The TSX Composite Index demurred 149.39 points Tuesday to 27,049.46, from Monday’s all-time high.
The Canadian dollar edged down 0.11 cents at 72.85 cents U.S.
In company news, U.S. crypto miner Riot Platforms on Monday reported beneficial ownership of 10.29% in Canadian bitcoin miner Bitfarms, whose shares began Tuesday down five cents, or 3.4%, to $1.43.
Gold miner Lundin Gold fell $2.03, or 3%, to $66.84, Alamos Gold darted lower 95 cents, or 2.6%, to $35.41 and Agnico Eagle Mines was down $1.90, or 1.6%, to $117.64.
However, utilities were up, led by a 3.3% rise in Brookfield Renewable Partners LP after parent company Brookfield Asset Management signed a $3-billion hydropower agreement with Google.
Macroeconomically, the Consumer Price Index rose 1.9% year over year in June, up from a 1.7% increase in May. On a seasonally adjusted monthly basis, the CPI rose 0.2% in June.
Statistics Canada also reported manufacturing sales decreased 0.9% in May, driven by declines in the petroleum and coal product and machinery subsectors.
New motor vehicle sales totaled 194,524 in May, an increase of 5% from May 2024.
ON BAYSTREET
The TSX Venture Exchange slid 6.29 points to 780.25.
All but three of the 12 TSX subgroups were lower, with gold dulling 2.5%, materials shedding 1.4%, and consumer staples off 1%.
The two gainers were utilities, up 0.3%, and telecoms, nosing up 0.1%. Health-care concerns were unchanged midday.
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday as worries over U.S. inflation and a mixed bag of big bank earnings dragged the blue-chip index lower. The Nasdaq Composite, meanwhile, got a boost from gains in Nvidia.
The 30-stock index plummeted 269.65 points to move from Tuesday morning to afternoon at 44,190.
The S&P 500 index inched higher 0.74 points to 6,269.30.
The NASDAQ Composite jumped 142.28 points to 20,782.60, lifted by a more than 4% rise in Nvidia shares after the chip company said it hopes to “soon” resume deliveries of its H20 GPU sales to China. The S&P 500 dipped 0.1%, easing from a fresh record high it reached earlier in the session.
Wells Fargo beat earnings, but a reduction in net interest income guidance sent shares lower by more than 4%. Shares of JPMorgan Chase edged lower even though the bank posted better-than-expected second-quarter results driven by strong trading and investment banking revenue. Asset manager BlackRock slipped more than 6% on a quarterly revenue miss.
Citigroup bucked the negative trend in financials, rising about 1% after the bank topped second-quarter estimates.
The consumer price index in June increased 0.3% on the month, putting the annual inflation rate at 2.7%, matching a consensus poll from Dow Jones. So-called core CPI, which excludes food and energy prices, grew 0.2% month over month, slightly less than expected. Year over year, it expanded by 2.9%, matching estimates.
Prices for the 10-year treasury were lower, hiking yields to 4.48% from Monday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices lost 57 cents to $66.41 U.S. a barrel.
Gold prices lost $21.00 to $3,338.10 U.S. an ounce.
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