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Canadian Stocks Extending Losses As Bond Yields Rise To 16-year High

RTTNews | 672 days ago

Canadian Stocks Extending Losses As Bond Yields Rise To 16-year High

(RTTNews) - It's turning out to be another weak outing for stocks on Bay Street, with investors pressing sales at several counters across the board on Tuesday, as U.S. Treasury yields rise to 16-year high amid worries about interest rates.

Real estate, technology, financials and healthcare stocks are among the major losers. Several stocks from consumer discretionary, materials and energy sectors are also notably lower.

The benchmark S&P/TSX Composite Index, which dropped to 18,945.79, losing more than 210 points in the process, is down 152.61 points or 0.8% at 19,024.57 a few minutes past noon.

Technology stocks Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO), Lightspeed Commerce (LSPD.TO), Tecsys Inc (TCS.TO), Open Text Corp (OTEX.TO), Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO), Enghouse Systems (ENGH.TO) and Descartes Systems (DSG.TO) are down 2 to 4%.

In the financials section, Bank of Nova Scotia (BNS.TO), Royal Bank of Canada (RY.TO), Sun Life Financial (SLF.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO) and CDN Western Bank (CWB.TO) are declining 1.7 to 2.5%.

Among other prominent losers, Atco Ltd (ACO.Y.TO) is down nearly 7%. Teck Resources (TECK.A.TO) is down 3.5%. Nutrien (NTR.TO), Goeasy (GSY.TO) and West Fraser Timber (WFG.TO) are down 2 to 3%.

Park Lawn Corporation (PLC.TO) is gaining about 4.2%. Boralex (BLX.TO) and Sprott Inc (SII.TO) are up 2.2% and 1.7%, respectively. Agnico Eagle Mines (AEM.TO), Bombardier Inc (BBD.B.TO), Rogers Communications (RCI.B.TO) and Canadian Pacific Kansas City (CP.TO) are gaining 1 to 1.5%.

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U.S. Service Sector Growth Unexpectedly Slows In July

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

RTTNews | 36 minutes ago

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.

RTTNews | 1h 22min ago

U.S. Trade Deficit Narrows Slightly More Than Expected In June

U.S. Trade Deficit Narrows Slightly More Than Expected In June

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

RTTNews | 2h 27min ago

Eurozone Private Sector Continues To Expand

Eurozone Private Sector Continues To Expand

Euro area private sector remained in the expansionary territory in July but the rate of growth remained sluggish as stagnant demand pulled back production, final survey results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB composite output index rose to 50.9 in July from 50.6 in June. The flash reading was 51.0. A score above 50.0 indicates expansion.

RTTNews | 2h 30min ago

Bay Street May Open Slightly Higher

Bay Street May Open Slightly Higher

Canadian stocks may open on a positive note Tuesday morning amid expectations of a rate cut by the Federal Reserve next month. The focus will be on trade talks between Canad and Mexico.

RTTNews | 2h 41min ago

FTSE 100 Advances On Upbeat Earnings

FTSE 100 Advances On Upbeat Earnings

The UK market is modestly higher on Tuesday, extending gains from previous session, thanks to some upbeat corporate earnings announcements, and expectations that the Federal Reserve will cut interest rate in the near future to spur economic growth.

RTTNews | 3h 10min ago

Pound Rises As Traders Await BoE Monetary Policy Meeting

Pound Rises As Traders Await BoE Monetary Policy Meeting

The British pound strengthened against other major currencies in the European session on Tuesday, as traders shift their focus to the Bank of England's (BoE) monetary policy announcement on Thursday.

RTTNews | 3h 21min ago

CAC 40 Modestly Higher

CAC 40 Modestly Higher

The French stock market is modestly higher Tuesday afternoon with investors mostly reacting to earnings updates and a mixed batch of regional economic data. Expectations of a rate cut by the Federal Reserve sometime soon aid sentiment a bit.

RTTNews | 3h 41min ago

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