Baystreet.ca - Canada's main stock index fell to a one-week low on Tuesday, dragged down by commodity-linked shares, as investors awaited key U.S. inflation data and the Federal Reserve's monetary policy decision later this week.The S&P/TSX Composite Index lost 146.82 points to move from Tuesday morning to afternoon at 21,922.94, its lowest level since June 4.The Canadian dollar sank 0.04 cents to 72.62 cents U.S.
Shopify (TSX:SHOP) rose 1% after J.P. Morgan started coverage with an "overweight" rating. Shopify shares sprinted $2.18, or 2.5%, in Toronto to $89.00. Enghouse Systems (TSX:ENGH) climbed 3.4% after the software firm posted second-quarter results. Shares in Enghouse leaped $1.37, or 4.7%, to $30.55.
On the economic front, Statistics Canada reported building permits significantly increased 20.5% to $12.8 billion in April.
ON BAYSTREET The TSX Venture Exchange wilted 7.68 points, or 1.3%, to 579.26. All 12 subgroups took a dive in the first hour, weighed most by materials, down 1.7%, gold, duller in price by 1.6%, and health-care, off 1.2%.
ON WALLSTREET Stocks fell Tuesday as the Federal Reserve kicked off a key two-day policy meeting, with investors worried the central bank may not reduce interest rates this year.The Dow Jones Industrials staggered 212.49 points to 38,665.55.The S&P 500 index slid 14.88 points to 5,345.91. The NASDAQ ducked back 8.52 points to 17,184.01.The bulk of S&P 500 stocks traded lower on the day, with just about 100 names in the index on track for a gain. At the New York Stock Exchange, roughly 1,900 stocks were lower, while only 688 advanced.
Concerns about a slowing economy led financial names such as American Express (NYSE:AXP) and JPMorgan Chase (NYSE:JPM) lower. Shares of electric vehicle manufacturer Tesla (NASDAQ:TSLA) also fell more than 2% ahead of a vote to reinstate a pay package for CEO Elon Musk.
On Tuesday, investors appeared to be taking profits in AI star Nvidia (NASDAQ:NVDA) and rotating into emerging AI play Apple (NASDAQ:AAPL), which just unveiled new features that could spark a wave of iPhone upgrades, analysts said. The iPhone maker jumped 6% as Nvidia shed 2%.The Fed meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.
Before the Fed decision on Wednesday, investors will closely follow the consumer price index reading for May.Shares of Affirm rose more than 5% following the announcement that its buy now, pay later loans will be incorporated into Apple Pay on iPhones and iPads for U.S. users. Affirm said in a filing that the buy now, pay later option is expected to hit those devices later this year. Prices for the 10-year Treasury strengthened, lowering yields to 4.45% from Monday’s 4.47%. Treasury prices and yields move in opposite directions. Oil prices regained 53 cents to $78.27 U.S. a barrel. Gold prices progressed $1.60 to $2,328.60