Nov 12, 2024 (Baystreet.ca via COMTEX) --
Canada's main stock index hit a record high on Tuesday, supported by the technology sector as Shopify's shares jumped more than 20% after the company posted strong quarterly results.
The TSX gained 76.32 points to move into Tuesday afternoon at 24,865.60.
The Canadian dollar slid 0.16 cents to 71.67 cents U.S.
Canada's materials sector remained in focus as gold and copper prices fell over 1% to a two-month low on a stronger dollar.
The energy sector also drew attention as oil prices edged higher, with investors awaiting OPEC's monthly report for further price direction. However, disappointment over China's latest stimulus plan and oversupply concerns limited gains.
In corporate news, Warehouse landlord Segro would buy six Tritax EuroBox properties in Germany and the Netherlands for 470 million euros ($499.1 million U.S.) as part of a deal with Brookfield Asset Management Ltd.
Brookfield shares lost a dollar, or 1.2%, to $79.48.
The information technology sector rose to a record high as Shopify jumped $31.63, or 25.2% to $157.00, its highest since January 2022.
Shopify forecast fourth-quarter revenue growth above estimates, as its focus on employing AI-powered tools attracted more merchants to its e-commerce services ahead of the holiday season.
On the economic plate, building permits increased by $1.3 billion (+11.5%) to $13.0 billion in September.
ON BAYSTREET
The TSX Venture Exchange lost 7.07 points or 1.2%, to 594.32.
All but one of the 12 subgroups were lower noon hour, weighed most by gold, down 2.2%, materials, sliding 2%, and communications, off 1.4%
Only information technology, were in the green midday, 0.7% at that.
ON WALLSTREET
Stocks headed slightly south Tuesday as Wall Street took a breather from a post-election rally that brought the major U.S. benchmarks to all-time highs and shifted toward a focus on economic data this week.
The Dow Jones Industrial index toppled 248.11 points to 44,045.02.
The S&P 500 index dipped 21.29 points to 5,980.06.
The NASDAQ slid 44.99 points to 19,253.77.
Tuesday's action comes a day after the Dow closed above 44,000 for the first time. The S&P 500 also had its first close above 6,000.
Artificial intelligence darling Nvidia gained more than 2%. Tesla, a post-election winner, gave back some of its recent gains, down nearly 4%.
Investors will watch Tuesday for economic data on small businesses due in the morning. They'll also monitor commentary from Federal Reserve officials including Fed Governor Christopher Waller later in the day.
The bond market reopened after Veterans Day, prices fell, driving yields up 4.43% from Friday's 4.31%. Treasury prices and yields move in opposite directions.
Oil prices regained 34 cents to $68.38 U.S. a barrel.
Prices for gold dipped $14.90 an ounce to $2,602.80 U.S.
COMTEX_459728173/2559/2024-11-12T12:27:21
