Advertisement

TSX Opens Flat with Fed Speakers in Focus

Canada's main stock index opened flat on Tuesday as investors looked to the upcoming speeches from U.S. Federal Reserve officials after the central bank's hawkish tilt last week weighed on risk-driven assets.

The TSX Composite index hesitated 11.81 points to kick off Tuesday at 20,144.55.

The Canadian dollar ditched 0.08 cents to 80.75 cents U.S.

ON BAYSTREET

The TSX Venture Exchange dropped 6.34 points to 935.59.

Seven of the 12 TSX subgroups were lower in the first hour. Energy dawdled 1.3%, gold slid 0.8%, and health-care fell 0.7%.

The five gainers were led by information technology, up 1%, while consumer staples gathered 0.7%, and consumer discretionary stocks, better by 0.1%.

ON WALLSTREET

The blue-chip Dow Jones Industrial Average pulled back slightly after posting its best day since March, while the broader S&P 500 fluctuated within 1% of a record.

The 30-stock index tumbled 78.11 points to 33,798.86.

The S&P 500 leaned back 0.61 points to 4,224.18,

Read:

The NASDAQ inched up 7.2 points to 14,141.48,

Alphabet shares traded slightly lower after the European Commission opened a probe into Google’s advertising unit.

Federal Reserve Chairman Jerome Powell will testify before the House of Representatives Tuesday on the central bank’s response to the pandemic.

His remarks, which were released ahead of the hearing Monday evening, are likely to support the notion that the Fed is ready to soon start discussing removing some of its unprecedented stimulus measures enacted during the pandemic.

Powell’s testimony begins at 2 p.m. ET.

Prices for 10-Year Treasurys were unchanged, keeping yields at Monday’s 1.49%.

Oil prices gained nine cents to $73.75 U.S. a barrel.

Gold prices removed $7.10 to $1,775.80 U.S. an ounce.