Toronto stocks fell on Tuesday as weak crude prices hurt heavyweight energy shares, while 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 stumbled 87.39 points to break for lunch at 20,159.08.
The Canadian dollar recovered 0.17 cents at 73.03 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 were seven cents above water at $14.84.
Elsewhere, Capital Power shares sank $2.55, or 6.6%, to $36.40, after the energy company said it was acquiring two U.S.-based natural gas-fired generation facilities in California and Arizona for $1.1 billion.
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.
The TSX Venture Exchange sagged 2.98 points to 529.48.
All but two of the 12 TSX subgroups were lower midday, with consumer discretionary stocks down 1.6%, industrials sliding 1.2%, and utilities off 1.1%.
The two gainers were gold, up 2.8%, and materials, advancing 1.5%.
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 stayed in the red 76.6 points to move into noon hour EST Tuesday at 35,074.30.
The S&P 500 let go of 12.22 points to 4,535.16.
The NASDAQ dropped 105.49 points to 14,179.05.
Lowe’s declined more than 2% after reducing its full-year sales outlook. Best Buy dropped 2.5% following a reduced full-year outlook and revenue miss. Clothing retailer American Eagle tumbled nearly 16% 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 1.4% on Tuesday.
Meanwhile, e-commerce giant Amazon shed 2.7% after reports that former CEO Jeff Bezos may be selling more shares, after offloading 1.67 million shares last week.
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 4.41% from Monday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices fell 43 cents to $77.40 U.S. a barrel.
Gold prices regained $23.00 to $2,003.30.