The Canadian stock market is down again Tuesday morning. The continued weakness in crude oil prices is weighing on shares of energy stocks. Trading activity is rather subdued as investors monitor the first day of Federal Reserve Chairman Jerome Powell testimony before Congress. Investors are hoping for clues about future Fed rate hikes.
Markets in Europe are turning in a mixed performance Tuesday. The markets have been fluctuating between small gains and losses throughout the session.
Markets on Wall Street are down slightly in early trade Tuesday. Traders are in a cautious mood as Federal Reserve Chairman Jerome Powell delivers his semiannual monetary policy testimony before the Senate Banking Committee.
The benchmark S&P/TSX Composite Index is down 19.08 points or 0.12 percent at 16,475.65.
On Monday, the index closed down by 66.39 points or 0.40 percent, at 16,494.73. The index scaled an intraday high of 16,531.08 and a low of 16,467.84.
The Energy Index is falling 0.34 percent. Crude oil prices have continued to fall Tuesday morning, slipping below $68 per barrel.
Canadian Natural Resources (CNQ.TO) is losing 0.88 percent and Crescent Point Energy (CPG.TO) is weakening by 0.61 percent. Suncor Energy (SU.TO) is lower by 0.35 percent and Husky Energy (HSE.TO) is declining 0.34 percent. Imperial Oil (IMO.TO) is losing 0.61 percent and Cenovus Energy (CVE.TO) is decreasing 1.14 percent. Enbridge (ENB.TO) is surrendering 0.93 percent.
The Capped Healthcare Index is lower by 0.69 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 3.33 percent and ProMetic Life Sciences (PLI.TO) is down 6.85 percent. Extendicare (EXE.TO) is declining 0.28 percent.
The Capped Information Technology Index is losing 0.35 percent. Descartes Systems Group (DSG.TO) is down 0.20 percent and BlackBerry (BB.TO) is weakening by 1.58 percent.
The Capped Industrials Index is down 0.23 percent. Canadian National Railway (CNR.TO) is falling 0.62 percent and Finning International (FTT.TO) is decreasing 0.55 percent. Bombardier (BBD-B.TO) is lower by 0.77 percent.
The heavyweight Financial Index is decreasing 0.08 percent. Royal Bank of Canada (RY.TO) is losing 0.13 percent and Canadian Imperial Bank of Commerce (CM.TO) is down 0.20 percent.
The Capped Materials Index is up 0.24 percent. Nutrien (NTR.TO) is gaining 0.45 percent.
The Gold Index is increasing 0.24 percent. Kinross Gold (K.TO) is rising 0.20 percent and IAMGOLD (IMG.TO) is up 0.65 percent. B2Gold (BTO.TO) is adding 0.30 percent.
On the economic front, a report from Statistics Canada this morning showed that Canadian manufacturing sales increased by 1.4 percent in May. Expectations had been for an increase of 0.5 percent.
Britain's employment level set a fresh record in the three months to May and unemployment was unchanged, yet pay growth eased to its lowest in six months, figures from the Office for National Statistics showed Tuesday.
Employment reached a record high 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.
Partly reflecting a rebound in auto production, the Federal Reserve released a report on Tuesday showing industrial production in the U.S. increased in line with economist estimates in the month of June. The Fed said industrial production climbed by 0.6 percent in June after falling by a downwardly revised 0.5 percent in May.
Economists had expected production to increase by 0.6 percent compared to the 0.1 percent dip originally reported for the previous month.
In commodities, crude oil futures for August delivery are down 0.48 or 0.71 percent at $67.58 a barrel.
Natural gas for August is down 0.002 or 0.07 percent at $2.757 per million btu.
Gold futures for August are down 7.29 or 0.59 percent at $1,232.40 an ounce.
Silver for September is down 0.182 or 1.15 percent at $15.63 an ounce.
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