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Index off by Noon
The TSX Composite Index fell 80.25 points to open Tuesday at 24,022.46
The Canadian dollar shed 0.2 cents to 73.22 cents U.S.
The energy sector suffered from losses in oil prices, partly because of a pause in the conflict between Israel and Iran.
Markets see a 90.7% chance of a 25-basis points cut at the Federal Reserve's November policy meeting, while expectations for a quarter-point-cut by the Bank of Canada later in the month stand at 72.8%.
In corporate news, online jewelry brand Mene named Sean Try as its chief financial officer, effective immediately, following Gavin Johnson's resignation. Mene shares have maintained a reading of 12 cents since early last week.
Techs were partly supported by strength in Converge Technology Solutions, which gained five cents, or 1.1%, to $4.59.
The biggest individual decliners on the TSX were First Quantum Minerals, down 70 cents, or 3.7%, to $18.09, Mattr Corp. down $1.36, or 9.7%, to $12.62, and Capstone Copper, declining 54 cents, or4.9%, to $10.44.
On the economic schedule, Canada's merchandise exports fell 1.0% in August, while imports edged up 0.3%. Consequently, Canada's merchandise trade balance with the world widened from a revised deficit of $287 million in July to a deficit of $1.1 billion in August.
ON BAYSTREET
The TSX Venture Exchange gave back 3.31 points to 588.94
Eight of the 12 TSX subgroups lost ground at the open, with energy fading 2.7%, while materials slid 1.3%, and utilities were off 0.3%.
The four gainers were led by information technology, up 1%, while consumer staples and industrials each climbed 0.4%.
ON WALLSTREET
The S&P 500 rebounded on Tuesday following a losing session on Wall Street with oil prices and bond yields in focus
The Dow Jones Industrials jumped 62.08 points to 42,016.32.
The much-broader index improved 41.94 points to 5,737.88.
The NASDAQ Composite hiked 211.38 points, or 1.2%, to 18,135.28.
Technology shares powered higher Tuesday, with Nvidia gaining 4% and Apple last up more than 1%. Meta Platforms, Tesla and Microsoft rose at least 1% each.
Stocks have been volatile this month as fears of an escalating conflict in the Middle East mount. The S&P 500 is off by a little more than 1.1% in October following a 2% gain in September. Stocks are also coming off a rocky session that saw all three major averages finish lower.
Prices for the 10-year Treasury dropped, making yields jump to 4.03% from Monday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices dipped $3.48 to $73.66 U.S. a barrel.
Gold prices stumbled $31.70 to $2,634.10 U.S. an ounce
