TORONTO — Canada's main stock index moved lower on Tuesday, weighed down by energy stocks as oil prices retreated, while U.S. markets inched higher and the Dow added a few points to Monday's record high.
“They have a lot going for them, but in order to justify their valuations, they need to be able to show that they can support the earnings growth,” she said. “We could see a very significant move in the S&P and Nasdaq tomorrow, depending on how this earnings call goes.” A new report showed consumer confidence in the U.S. was up in August, a better result than economists expected.Markets were weighed down by energy stocks as the price of oil erased a big chunk of Monday’s 3.5-per-cent jump. The energy index on the TSX was down almost two per cent.
So far this quarter has been “probably the worst financial reporting that we have seen from the Canadian banks for quite some time, not necessarily in actual losses, but in preparing for much more tight financial conditions, may it be through fines through loss provisions,” said Schonwetter.