Canada’s main stock index couldn’t get a rally going on Tuesday as steep declines within the industrials sector dragged the market. This comes as Stats Canada reported that its Industrial Product Price Index rose 1.5 per cent month over month in April and saw a year-over-year increase of 1.4 per cent. Only the mining and energy markets managed to secure any gains on the TSX.
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While the Dow Jones and S&P had a rough start to this shorter week in New York, the NASDAQ reached a new high. The tech-heavy index climbed on support from the likes of NVIDIA Corp. (NDAQ:NVDA; NEO:NVDA), closing nearly 7 per cent higher.
The Canadian dollar traded for 73.26 cents U.S. compared with 73.34 cents U.S. on Monday.
U.S. crude futures traded $2.42 higher at $80.14 a barrel, and the Brent contract added $1.36 to $84.46 a barrel.
The price of gold was up US$4.97 to US$ 2,357.42.
In world markets, the Nikkei was down 44.65 points to 38,855.37, the Hang Seng was down 6.19 points to 18,821.16, the FTSE was down 63.41 points to 8,254.18, and the DAX was down 96.84 points to 18,677.87.
(Top photo: Adobe Stock)