Baystreet.ca - Canada's main stock index gave up early gains by the close on Tuesday, as political changes worked their way into the equation after Prime Minister Justin Trudeau announced his plan to resign.
The TSX weakened 69.9 points to end Tuesday at 24,929.89.
The Canadian dollar was down 0.08 at 69.65 cents U.S.
In corporate news, GFL Environmental said it would sell its environmental services division to Apollo Global Management and BC Partners in a deal valued at $8 billion. GFL shares dived 64 cents, or 1%, to $62.45.
Tech stocks weighed most heavily, with Shopify (TSX:SHOP) falling $10.31, or 6.3%, to $153.36, while Bitfarms gave back 12 cents, or 4.7%, to $2.42.
Real-estate was also pointed downward, as units of Boardwalk REIT (TSX:BEI_u) sliding $1.69, or 2.6%, to $63.32, while units of Primaris REIT doffed 28 cents, or 1.8%, to $15.39.
In consumer discretionary stocks, Aritzia (TSX:ATZ) dumped $1.26, or 2.2%, to $56.91, while MTY Food Group (TSX:MTY) shed 75 cents, or 1.6%, to $46.60.
Energy stocks tried to restore the balance, with Precision Drilling (TSX:PD) soaring $4.26, or 4.7%, to $95.07, while Headwater Exploration (TSX:HWX) sifted off 33 cents, or 4.8%, to $7.19.
Gold stocks were up, too, as Equinox Gold (TSX:EQX) took on 30 cents, or 4.1%, to $7.59, while New Gold (TSX:NGD) forged ahead a dime, or 2.8%, to $3.74.
In commnunications, Cogeco (TSX:CGO) soared $2.03, or 2.9%, to $71.10, while Quebecor (TSX:QBRa) surged 76 cents, or 2.4%, to $32.40.
Economically speaking, Statistics Canada reported in November, Canada's merchandise exports increased 2.2% and imports rose 1.8%. As a result, Canada's merchandise trade deficit with the world narrowed from $544 million in October to $323 million in November.
The IVEY PMI moved ahead to 54.7 in December, from 52.3 in November, well off the 56.3 reading of December 2023.
ON BAYSTREET
The TSX Venture Exchange retreated 5.28 points to 612.91.
The 12 TSX subgroups were evenly split Tuesday, led by energy, ahead 1.5%, gold, brighter by 1.1%, and communications, ahead 0.6%.
The six laggards were weighed most by information technology, sliding 3.4%, real-estate, off 1%, and consumer discretionary, dipping 0.6%.
ON WALLSTREET
Stocks fell Tuesday as strong economic data raised questions about the possibility of Federal Reserve rate cuts later this year, leading to a spike in Treasury yields. Declines across major tech stocks also dragged the market lower.
The Dow Jones Industrials discarded 178.2 points to 42,528.36.
The much-broader index backpedaled 66.35 points, or 1.1%, to 5,903.03.
The NASDAQ Composite wilted 375.30 points, or 1.9%, to 19,490.65.
Nvidia (NASDAQ:NVDA) shares fell 6.2% after hitting a record. The company on Monday unveiled new chips for desktop and laptop PCs that use the same Blackwell architecture. Tesla (NASDAQ:TSLA) slipped 4% after Bank of America (NYSE:BAC) downgraded the electric vehicle maker given its high valuation and risks associated with its strategy. Meta (NASDAQ:META) Platforms shed nearly 2%, while Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) each dipped more than 1%.
Data released on Tuesday by the Institute for Supply Management reflected faster-than-expected growth in the U.S. services sector in December, adding to concerns about stickier inflation.
Prices for the 10-year Treasury dropped sharply, raising yields to 4.69% from Monday’s 4.61 %. Treasury prices and yields move in opposite directions.
Oil prices took on 70 cents to $74.26 U.S. a barrel.
Prices for gold reattached $17.10 an ounce to $2,664.50 U.S.