Procore signs multi-year strategic collaboration agreement with AWS
Investing.com - Canada’s main stock exchange were lower on Tuesday, after domestic inflation data, raft of major U.S. bank earnings were published.
By 12.05 ET, the S&P/TSX 60 standard index futures contract was down by 9.32 points, or 0.58%.
The S&P/TSX Compositecomposite index was down by 161 points, or 0.6% at 27,037.11.
Shares of Thomson Reuters (TSX:TRI) moved up to a new record high, while technology stocks were aided by an uptick in e-commerce group Shopify.
U.S. stocks down
US stocks reversed course from its openings gains to trade at loss
The Dow Jones Industrial Average lost 299.60 points, or 0.65%, the S&P 500 index down 4.15 points, or 0.07%, but the NASDAQ Composite gained 129.38 points, or 0.63%.
The main averages on Wall Street ticked up in the prior session, as a slate of artificial intelligence-related headlines helped to soothe worries over fresh U.S. threats of punishing tariffs on Europe and Mexico.
Banks lead second-quarter earnings season
The attention of investors shifted from U.S. President Donald Trump’s various uttering on trade to Wall Street, where a host of big U.S. lenders reported earnings before the opening bell.
These quarterly reports provide a glimpse into how companies see returns evolving in the coming months against a backdrop of rising international trade tensions.
Banking giants JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C) and Bank of New York Mellon (NYSE:BK) beat expectations.
Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) will report on Wednesday.
U.S. CPI due
Beyond earnings, the CPI data showed U.S. consumer prices increased 0.3% in June, though the gain was largest since January, economists had expected almost similar outcome, with consumer price index for the twelve months to June at 2.6%, accelerating slightly from 2.4% in May. Month-on-month, the number was forecast at 0.3%.
The Federal Reserve has warned of the effects of Trump’s tariffs on domestic prices, with sticky inflation likely to keep the central bank from cutting interest rates in the near-term.
Crude stabilizes
Oil prices stabilized after falling late Monday as Trump’s announced a 50-day deadline for Russia to end the Ukraine war and avoid sanctions, easing immediate supply concerns.
Oil prices had climbed at the end of last week on speculation that the U.S. president was set to impose steep tariffs on Russia, having expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine.
However, his milder stance has eased fears of an immediate supply crunch, resulting in selling late Monday.
Gold advances
Gold prices rose as persistent concerns over Trump’s trade tariffs kept haven demand in play, while mixed economic data from China added to this trend.
Concerns lingered as well over increasing geopolitical tensions between Russia and Ukraine, after Trump sent more weapons to Kyiv and threatened even tighter sanctions on Russia’s oil industry.
But resilience in the dollar kept gold trading largely within a $3,300 to $3,500/oz trading range, while broader metal prices made limited headway.