After a weak start and a subsequent fall to lower levels, the Canadian market continues to languish in negative territory around noon on Tuesday, amid uncertainty about the outlook for interest rates.
The recent U.S. PCE data and a report on manufacturing activity have dimmed hopes about an early interest rate cut by the Federal Reserve. With bond yields moving higher, the mood in stock markets is a bit bearish today.
The benchmark S&P/TSX Composite Index is down 184.30 or 0.83% at 22,000.95 a little past noon.
Communications and technology stocks are notably lower. Real estate, consumer discretionary, industrials, consumer staples, utilities and financials shares are also mostly lower. Materials, energy and healthcare stocks are finding some support.
Hut 8 Corp (HUT.TO) is tanking more than 14%. Bitfarms (BITF.TO), Docebo Inc (DCBO.TO), Rogers Communications (RCI.B.TO), BCE Inc (BCE.TO), Quebecor Inc (QBR.B.TO), Cogeco Communications (CCA.TO), FirstService Corporation (FSV.TO), goeasy (GSY.TO), Celestica Inc (CLS.TO), and Thomson Reuters (TRI.TO) are down 2 to 4.3%.
Franco-Nevada Corporation (FNV.TO), WSP Global (WSP.TO), Constellation Software (CSU.TO), TFI international (TFII.TO), Telus Corp (T.TO) and Intact Financial Corporation (IFC.TO) are down 1 to 1.7%.
Aurora Cannbis (ACB.TO) is soaring nearly 25%. Canopy Growth Corporation (WEED.TO) is zooming 15.8%. MAG Silver Corp (MAG.TO) is climbing 5%. Ero Copper (ERO.TO), MEG Energy (MEG.TO), Methanex Corporation (MX.TO), BRP Inc (DOO.TO) and Wheaton Precious Metals (WPM.TO) are gaining 2 to 3%.