TORONTO 鈥� Canada's main stock index ticked lower Tuesday, weighed down by losses in telecom, utilities and energy, while the Nasdaq hit a new record thanks to gains in technology stocks.
However, U.S. markets were overall mixed Tuesday after a broadly positive day Monday, heading into a big week with major earnings reports and inflation data on the roster, said Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James Ltd.
鈥淩ight now we鈥檙e about 40 per cent of the way through the third-quarter earnings season, and so far ... the numbers have looked and been really good,鈥� she said.
In New York, the Dow Jones industrial average was down 154.52 points at 42,233.05. The S&P 500 index was up 9.40 points at 5,832.92, while the Nasdaq composite was up 145.56 points at 19,712.75.
The S&P/TSX composite index closed down 3.11 points at 24,562.55.
Among the big names reporting earnings this week in the U.S. are tech giants Apple, Microsoft and Meta. The so-called 鈥淢agnificent Seven鈥� drove gains for most of the year due to optimism around artificial intelligence technology.
After the bell Tuesday, Google鈥檚 owner Alphabet posted earnings that exceeded expectations.
The last few months have been a bit of a 鈥渞est period鈥� for tech stocks after the narrow rally that led the first half of the year, said Gardner.
鈥淚t will be interesting to see if Q3 earnings results this week can spike those mega cap or tech stocks again to continue to rally higher,鈥� she said.
Thursday and Friday will bring the two major measures of inflation in the U.S., the last key reports before next week鈥檚 interest rate decision from the U.S. Federal Reserve, said Gardner.
But before the Fed can make its announcement, investors will be watching the too-close-to-call federal election.
Kamala Harris winning could mean more of a focus on domestic competition in areas like renewables, semiconductors and infrastructure, as well as stability in trade policy, said Gardner. Meanwhile, a Trump win would mean tax cuts for corporations but also tariffs, as well as strength for more traditional sectors like banks and oil and gas, she said.
鈥淓quity investors do tend to worry about the outcomes of the potential impact on their investments during a U.S. election, and this does drive volatility in the market,鈥� said Gardner.
The Canadian dollar traded for 71.89 cents US compared with 71.97 cents US on Monday.
The December crude oil contract was down 17 cents US at US$67.21 per barrel and the December natural gas contract was down less than a penny at US$2.86 per mmBTU.
The December gold contract was up US$25.20 at US$2,781.10 an ounce and the December copper contract was down less than a penny at US$4.36 a pound.
鈥� With files from The Associated Press
This report by The Canadian Press was first published Oct. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
Rosa Saba, The Canadian Press
