TSX Gives Back Gains

Stock traders most likely took profits Tuesday, the first day back from a long weekend in Canada, cashing in proceeds from energy shares.

The TSX Composite Index forfeited 32.09 points to end Tuesday at 24,439.08, after five straight days of gains.

Markets in Canada were closed Monday for the Thanksgiving holiday.

The Canadian dollar regained 0.10 cents to 72.55 cents U.S.

In corporate news, brokerage CIBC downgraded technology firm VerticalScope Holdings to neutral from outperformer. VerticalScope swooned 26 cents, or 3.2%, to $8.00.

Energy issues weighed heavily on the index, as IPCO swooned $1.14, or 6.3%, to $16.87, while Baytex Energy dipped 28 cents, or 6.3%, to $4.16.

Tech stocks also fell, with Coveo Solutions down 20 cents, or 3.5%, to $5.57, while Celestica slumped $2.82, or 3.3%, to $83.94.

In consumer discretionary stocks, BRP Inc. skidded $2.69, or 3.4%, to $77.70, while Aritzia blundered $1.57, or 3.3%, to $45.63.

Health-care stocks took off, driven by a jump of 62 cents, or 5.7%, in drugmaker Bausch Health Companies to $11.57. Chartwell Retirement Residence gained 40 cents, or 2.7%, to $15.49.

Utilities muscled up, with Emera adding $2.03, or 4.1%, to $52.66, while Hydro One tacked on $1.36, or 3.1%, to $45.35.

In gold issues, Iamgold gained 13 cents, or 2%, to $6.77, while Novagold Resources progressed 15 cents, or 3.1%, to $4.95.

On the economic slate, Statistics Canada said the consumer price index rose 1.6% on a year-over-year basis in September, down from a 2.0% increase in August. On a seasonally adjusted monthly basis, the CPI was unchanged at 0.0% in September.

The agency went on to report wholesale trade (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 0.6% to $81.9 billion in August.

ON BAYSTREET

The TSX Venture Exchange lost 5.01 points to 600.42.

Eight of the 12 TSX subgroups were in the plus column by the close Tuesday, with utilities up 2.1%, while health-care was haler by 1.8%, and gold shone brighter 1.7%.

The four laggards were weighed most by energy, down 4.7%, information technology stocks, capsizing 0.9%, and consumer discretionary stocks dropping 0.2%.

ON WALLSTREET

Stocks fell Tuesday, taking a breather from the rally that lifted them to record highs, as traders sifted through the latest corporate earnings reports.

The Dow Jones Industrials plummeted 324.6 points to 42,740.62.

The S&P 500 index dropped 44.59 points to 5,815.26.

The NASDAQ Composite weakened 187.10 points, or 1%, to 18,315.59.

Despite Tuesday’s declines, the three major averages are higher on the month and seem on track to overcome a historically volatile season.
ASML fell 16% as chipmakers took a dive. The company’s CEO warned of “cautiousness” among customers and said a “recovery is more gradual than previously expected.” Nvidia dipped 4.5% and AMD shed 5.2%.

Further, UnitedHealth slid 8.1% after the company trimmed its full-year earnings outlook. The insurer’s decline weighed on the 30-stock Dow.

Wall Street is coming off a winning session that propelled the S&P 500 and Dow to all-time highs. Notably, the Dow added more than 200 points to finish above the 43,000 mark for the first time.

Prices for the 10-year Treasury gained, lowering yields to 4.03% from Monday’s 4.07%. Treasury prices and yields move in opposite directions.

Oil prices ditched $2.87 to $70.96 U.S. a barrel.

Gold prices added $12.70 to $2,678.30 U.S. an ounce