The Toronto Stock Exchange fell by almost 100 points at the end of the morning

MARKET REVIEW. The Toronto Stock Exchange lost nearly 100 points late Tuesday morning, with losses in industrial stocks, utilities and technology contributing to the decline.

The New York Stock Exchange opened lower on Tuesday, catching its breath after more than two weeks of galloping, awaiting the report of the last meeting of the American central bank (Fed) and the results of the giant of semi- Nvidia drivers, after closing.

Stock market indices at noon:

In Toronto, the S&P/TSX lost 96.15 points (-0.47%) to 20,150.32 points.

In New York, the S&P 500 posted a decline of 12.46 points (-0.27%) to 4,534.92 points.

The Nasdaq fell 103.45 points (-0.72%) to 14,181.08 points.

The DOW fell 76.65 points (-0.22%) to 35,074.39 points.

The loonie rose by US$0.0018 (+0.252 0%) to US$0.7306.

Oil fell by US$0.46 (-0.59%) to US$77.37.

Gold advanced US$23.50 (+1.19%) to US$2,003.80.

Bitcoin fell from US$81.67 (-0.22%) to US$37,185.71.

Context

“We have a market which is taking a break after starting the week with vigor,” commented Peter Cardillo, of Spartan Capital, referring to profit taking.

The S&P 500 recorded its 14th positive session in 16 trading days on Monday.

“The trend is not negative,” added, in a note, Patrick O’Hare, of Briefing.com, for whom the general direction of the indices remains upward. “We only consolidate after a long ride, before what will inevitably be an event likely to shake up the market.”

The analyst was referring to the results of Nvidia (NVDA), specialist in the now famous graphics cards, an assembly of semiconductors essential to the development of so-called generative artificial intelligence.

The Santa Clara (California) giant has more than tripled its market capitalization over the past year (NVDA, +228%) and is now the sixth most expensive company in the world.

“The market will be unstable until the publication of the Fed minutes”, that is to say the report of the last of the monetary policy committee of the institution, at 2 p.m., indicated Peter Cardillo about the first highlight of the day, before the publication of Nvidia’s accounts.

operators will look in these minutes for signals relating to the evolution of American monetary policy in the months to come.

The bond market was on the rise, with rates, which move in the opposite direction to prices, continuing to fall. The yield on 10-year US government bonds stood at 4.39%, compared to 4.41% the day before at closing.

For Patrick O’Hare, the consolidation of the indices was also due to a series of disappointments from the retail sector, which confirm the gradual loss of steam among American consumers, after three exceptional years.

The electronics store chain Best Buy (BBY, -3.22%) published lower-than-expected third-quarter revenue and lowered its full-year guidance.

Chief executive Corie Barry said demand was “even more uneven and difficult to predict” than expected, and spoke of consumers looking for “deals” and promotions.

Another brand to lower its projections, the DIY chain Lowe’s (LOW, -2.87%), which anticipates a decline in its turnover of around 5% over one year, compared to a range of between 2 and 4%. so far.

New, more modest estimates also for the Kohl’s (KSS, -13.31%) department store network, which sees its sales contract by up to 4% over the year.

These poor figures were partially offset by the performances of smaller players, such as the ready-to-wear label Abercrombie & Fitch (ANF, -8.20%), which expects a strong fourth quarter, or the chain of sports equipment stores Dick’s Sporting Goods (DKS, +10.27%).

The video meeting platform Zoom (ZM) fell (ZM, -2.46%), despite results above expectations and an increase in annual forecasts.