Canada's resource-heavy stock index lost ground approaching noon EDT on Tuesday following a long weekend as a decline in gold prices pushed the material sector lower, while investors awaited results from the country's top lenders later in the week.

The TSX subtracted 38.12 points to break for lunch at 20,312.94.

The Canadian dollar eked up 0.02 cents to 74.07 cents U.S.

Canadian markets were shuttered Monday for Victoria Day.

Bausch Health Companies rose 80 cents, or 7.1%, to $12.02, after brokerage Jefferies lifted its price target to $9.5 from $7.

Africa Oil Corp surged 18 cents, or 6.9%, its best day in over seven months, to $2.79, after the energy firm announced withdrawal from its Kenya project, following which Barclays turned bullish on the stock.

Scotiabank raised the rating on MEG Energy, sending shares of the oil explorer up 54 cents, or 2.6%, to $21.09.

In the economic docket, Statistics Canada says the industrial product price index for April fell 0.2%, and was 3.5% lower than April 2022. The Raw Materials Price Index rose 2.9% on a monthly basis in April and fell 10.8% year over year.

ON BAYSTREET

The TSX Venture Exchange gained 4.86 points to 617.65.

Seven of the 12 TSX subgroups were lower midday. Materials were on the downside 1.8%, while gold lost 1.8%, and industrials fell 1.5%.

The five gaining groups were led by health-care, vaulting 3.1%, energy, surging 1.5%, and real-estate, 0.6% more solid.

ON WALLSTREET

The S&P 500 moved lower Tuesday on the heels of a key debt ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy that failed to produce a resolution.

The Dow Jones Industrials inched upward 7.76 points to move toward noon EDT Tuesday at 33,294.34.

The S&P 500 handed back 9.17 points to 4,183.46.

The NASDAQ backpedaled 16.16 points to 12,704.62.

McCarthy and Biden met at the White House Monday evening, in a discussion that the House speaker described as “productive” and “professional.” The latest hourlong talk – occurring just days before the earliest date that the U.S. could default on its debt – concluded without a resolution but seemed to echo a more positive tone.

Elsewhere, Apple moved slightly lower after announcing a multi-billion-dollar chip production deal with Broadcom. The chip stock gained about 2%. Yelp popped 9% as an activist investor called for the company to explore a sale.

In other news, rising oil prices helped lift the broader energy sector, while Chevron added 3% on an upgrade from HSBC.

Stocks are coming off a mixed Monday session that saw the Dow lose about 0.4% and the S&P 500 finished little changed. The NASDAQ rose 0.5% to touch its highest intraday level and highest close since August.

Prices for the 10-year Treasury skidded a bit, raising yields to 3.74% from Monday’s 3.71%. Treasury prices and yields move in opposite directions.

Oil prices added $1.07 to $73.12 U.S. a barrel.

Gold prices removed $10.10 to $1,967.10 U.S. an ounce.