Baystreet.ca - Stocks in Canada’s largest centre fell on Tuesday after a surprisingly stronger-than-expected inflation report clouded hopes for interest rate cuts from the Bank of Canada in July.The TSX Composite Index dropped 60.82 points to move into Tuesday afternoon at 21,787.77.
The Canadian dollar regained 0.04 cents to 73.26 cents U.S. French renewable power producer Neoen SA signed a share purchase agreement for the acquisition of a majority stake by asset management firm Brookfield, whose shares dropped 51 cents to $56.12. In the economic docket, Statistics Canada says May’s gross domestic product rose 2.9% on a year-over-year basis in May, up from a 2.7% gain in April. On a seasonally-adjusted monthly basis, the CPI rose 0.3% in May.
ON BAYSTREET The TSX Venture Exchange dipped 1.04 points to 562.77. All but two of the 12 TSX subgroups were lower midday, weighed most by consumer discretionary, dumping 1.4%, health-care, backpedaling 1.3%, communications, or 1.2%. The two gainers were information technology, up 0.5%, and consumer staples, ahead 0.1%.
ON WALLSTREET A rebound in Nvidia (NASDAQ:NVDA) shares led the S&P 500 and NASDAQ Composite higher on Tuesday, a day after a selloff in the chipmaking giant.The Dow Jones Industrials tumbled 260.67 points to 39,150.54.The S&P 500 recovered 14.98 points to 5,463.98.The NASDAQ jumped 193.23 points to 17,690.04.
Nvidia shares gained than 4%. During the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19, when it lost 10%.The latest decline pushed the AI darling deeper into correction territory, or more than below 13% their intraday record. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm (NASDAQ:QCOM) and Broadcom (NASDAQ:AVGO).Nvidia’s losses pushed the NASDAQ down more than 1% on Monday, its biggest one-day loss since April.
The NASDAQ-100 also suffered its worst day since April as investors rotated out of chipmakers. This inter-market shift boosted the Dow by more than 200 points, making it the lone U.S. stock benchmark to post a gain in the previous session.Several large cap tech names also rose after suffering declines on Monday. Amazon (NASDAQ:AMZN), Meta (NASDAQ:META) and Google (NASDAQ:GOOGL) all rose by more than 1%.
Meanwhile, SolarEdge Technologies sank 17% after announcing plans for a $300 million private offering of convertible notes. Pool Corp also dropped around 8% after adjusting its guidance downward.Prices for the 10-year Treasury slid, raising yields 4.26% from Monday’s 4.23%. Treasury prices and yields move in opposite directions. Oil prices poked ahead five cents at $81.68 U.S. a barrel. Gold prices dulled $10.10 to $2,334.30