July 28 (Reuters) - Canada's main stock index fell on
Tuesday as a pullback in gold and oil prices weighed on
materials and energy shares, while investors also monitored a
spate of corporate earnings.
The S&P/TSX Composite Index was 0.3% lower at
35,457.33 points by 10:01 a.m. ET.
* The materials group, which includes metal
mining shares, fell 2.8% to hit its lowest in a week, and was
the biggest drag on the benchmark.
* Gold prices dropped 1.2%. Oil prices also fell,
with Brent crude slipping 2.4% to its lowest in more
than a week, dragging energy stocks 0.3% lower.
* Tech stocks rose 2.4% and touched their highest
in more than two weeks, led by a 4.7% gain in Celestica ( CLS )
after the AI infrastructure firm exceeded second-quarter profit
estimates on Monday.
* TFI International ( TFII ) also beat quarterly adjusted
earnings estimates, pushing the logistics provider shares up
5.5% and making it the top gainer among industrial stocks
.
* The focus remains on fresh corporate earnings, with
multiple miners and energy firms, including First Quantum
and Cardinal Energy, set to report quarterly
results after the bell.
* Investors are also weighing the impact of U.S. President
Donald Trump's new tariffs on Canada, unveiled earlier this
month.
* "We don't expect the recently announced U.S. tariffs to
significantly change broader Canadian growth trends if imposed
as threatened," strategists at RBC Economics said, adding they
expect aggregate growth to improve in the second half and the
unemployment rate to trend downward.
* Markets will also tune in to the U.S. Federal Reserve
meeting on Wednesday, where the central bank is expected to keep
interest rates unchanged.