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Stocks Flat Tuesday

Baystreet - Tue Nov 21, 2023

Canada's main stock index was muted at open on Tuesday as data showed the annual inflation rate in October cooled more-than-expected, fueling bets that the Bank of Canada's interest rates had peaked.

The TSX Composite dipped 31.83 points to open the Tuesday session at 20,214.64.

The Canadian dollar recovered 0.17 cents at 73.04 cents U.S.

First Quantum Minerals will carry out maintenance at its Panama mine from Nov. 23 due to coal supplies being blocked by protestors opposing the government's contract with one of the world's biggest and newest copper mines. The miner’s shares gained 54 cents, or 3.7%, to $15.31.

October’s consumer price index rose 3.1% on a year-over-year basis, following a 3.8% increase in September. On a seasonally adjusted monthly basis, the CPI fell 0.1% in October.

Elsewhere, the national new housing price index was unchanged month over month in October. Prices were down or unchanged in 22 of the 27 census metropolitan areas surveyed and up in the remaining five.

ON BAYSTREET

The TSX Venture Exchange squeezed ahead 0.07 points to 532.53.

All but two of the 12 TSX subgroups were lower in the first hour, with health-care tumbling 0.9%, energy, off 0.7%, and consumer discretionary, declining 0.6%.

The two gainers were gold, up 2.9%, and materials, advancing 1.9%.

ON WALLSTREET

Stocks were down Tuesday as traders assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.

The Dow Jones Industrials slid 61.82 points to open Tuesday at 35,089.22.

The S&P 500 parted ways with 13.88 points to 4,533.50.

The NASDAQ dropped 99.41 points to 14,185.12.

Lowe’s declined 2.3% after reducing its full-year sales outlook. Best Buy dropped 2.7% following a reduced full-year outlook and revenue miss. Clothing retailer American Eagle tumbled 17.5% after weaker-than-expected operating income guidance for the full year.

Traders will also turn to earnings from Nvidia and HP. Nvidia shares hit an all-time high on Monday, but dipped 0.7% on Tuesday.
The minutes from the Fed’s Oct. 31-Nov.1 meeting are slated for release at 2 p.m. ET.

Traders are hoping to glean some insight into policymakers’ rate decision after the central bank left its benchmark rate at 5.25%-5.5%, and learn what it might take for them to change tack going forward. Fed funds futures pricing suggests near unanimity that the Federal Open Market Committee will hold steady at its upcoming December meeting.

Prices for the 10-year Treasury advanced, lowering yields to 4.39% from Monday’s 4.42%. Treasury prices and yields move in opposite directions.

Oil prices ditched 63 cents to $77.20 U.S. a barrel.

Gold prices regained $27.60 to $2,007.50.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.