Stocks Decline Tuesday

Equities in Canada's biggest marketplace took some blows Tuesday, ending streaks of several days.

The TSX Composite Index let go of 78.95 points, to conclude Tuesday at 23,037.44.

The Canadian dollar removed 0.07 cents to 73.42 cents U.S.

In corporate news, Neo Performance Materials has agreed to sell majority equity interest of China rare earth separation assets for $30 million. Neo shares gained 32 cents, or 4.2%, to $7.92.

Moreover, Gran Tierra Energy fell 98 cents, or 8.5%, to $10.52, after the company offered to buy London's i3 Energy in a deal valued at 174.1 million pounds ($226.23 million U.S.).

Elsewhere in energy, Cenovus Energy docked 96 cents, or 3.6%, to $25.64.

Health-care stocks were punished, as Tilray slid 10 cents, or 3.8%, to $2.53, while Chartwell Retirement Residences units were beaten up 36 cents, or 2.4%, to $14.44.

In consumer stocks, PetValu lost 47 cents, or 1.9%, to $24.85, while Dollarama shares fell $1.42, or 1.1%, to $133.20.

Gold tried to balance things out, with Torex Gold picking up 99 cents, or 4%, to $25.88, while OceanaGold captured a nickel, or 1.4%, to $3.67.

In materials, Wheaton Precious Metals vaulted $1.48, or 1.8%, to $84.00, while Agnico Eagle Mines took on $1.52, or 1.4%, to $111.78.

Real-estate stocks also showed some strength, with StorageVault Canada growing 12 cents, or 2.7%, to $4.55, while units of Boardwalk REIT hurtl3ed $1.43, or 1.8%, to $82.75.

On the economic calendar, Statistics Canada says July’s consumer price index rose 2.5% on a year-over-year basis, down from a 2.7% increase in June. On a seasonally adjusted monthly basis, the CPI rose 0.3% in July.

ON BAYSTREET

The TSX Venture Exchange eased 1.69 points to 571.34.

All but three of the 12 TSX subgroups were lower, as energy skidded 2.2%, health-care was off 1.7%, and consumer discretionary fell 0.6%.

The three gainers were gold, up 0.9%, materials, forging ahead 0.4%, and real-estate, moving up 0.2%.

ON WALLSTREET

Stocks ticked lower on Tuesday, ending a winning streak as investors failed to build on the market’s recent recovery rally.

The Dow Jones Industrial index dropped 61.56 points to end Tuesday at 40,834.97

The S&P 500 index fell 11.13 points to 5,597.12.

The NASDAQ faded 59.83 points to 17,816.94.

Tuesday’s declines snapped eight-day winning streaks for the S&P 500 and NASDAQ, the first positive periods of that length for each since late 2023. If the S&P 500 had finished Tuesday up, it would have marked its longest winning streak since 2004. Meanwhile, the Dow notched its first negative day in the last six.

Strong retail sales data and a soft inflation report issued last week have helped soothe investors’ fears on the economy. The S&P 500 and NASDAQ are now both higher by more than 1% on the month, underscoring the market’s dramatic turnaround.

Cybersecurity company Palo Alto Networks jumped more than 7% after fiscal fourth quarter results topped analyst estimates and it set a $500 million stock buyback. Home improvement retailer Lowe’s dipped more than 1% after reporting worse-than-expected revenue and lowering its annual profit outlook, noting an expected slowdown in consumer spending.

Beyond earnings, Bank of America slipped around 2.5% as Warren Buffett’s conglomerate Berkshire Hathaway continued dumping shares.

Prices for the 10-year Treasury rocketed, lowering yields to 3.81% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.

Oil prices dropped 55 cents at $73.82 U.S. a barrel.

Gold prices sprinted $12.50 to $2,562.70.