(RTTNews.com) - The Canadian stock market is down in early trade Tuesday, adding to yesterday's weakness. The losses come despite a better than expected read on Canadian GDP this morning. Meanwhile, commodity prices are falling ahead of tomorrow's U.S. crude inventory report and Fed announcement.
After a slight decline in January, Canada's real gross domestic product rose 0.4% in February, as 15 of 20 industrial sectors increased. The growth was led by a rebound in the mining and oil and gas extraction sector, Stats Canada said. Economists had expected an increase of 0.3 percent.
Markets on Wall Street are struggling in early trade Tuesday. Investors are in a cautious mood ahead of tomorrow's policy decision from the Federal Reserve. The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement for clues about the outlook for rates.
The majority of the European markets are closed today for the May Day holiday.
The benchmark S&P/TSX Composite Index is down 38.43 points or 0.25 percent at 15,569.45.
On Monday, the index closed down 61.05 points or 0.39 percent, at 15,607.88. The index scaled an intraday high of 15,702.59 and a low of 15,607.88.
The Capped Information Technology Index is losing 1.50 percent. Descartes Systems Group (DSG.TO) is dipping 0.08 percent and BlackBerry (BB.TO) is decreasing 0.45 percent. Sierra Wireless (SW.TO) is falling 0.27 percent.
The Capped Industrials Index is down 0.65 percent. Canadian Pacific Railway (CP.TO) is decreasing 1.28 percent and Canadian National Railway (CNR.TO) is weakening by 1.44 percent. Finning International (FTT.TO) is losing 0.62 percent and Bombardier (BBD-B.TO) is dipping 0.13 percent. WestJet Airlines (WJA.TO) is declining 0.39 percent.
The heavyweight Financial Index is decreasing 0.39 percent. Bank of Montreal (BMO.TO) is losing 0.31 percent and Royal Bank of Canada (RY.TO) is declining 0.38 percent. Bank of Nova Scotia (BNS.TO) is falling 0.39 percent and Canadian Imperial Bank of Commerce (CM.TO) down 0.17 percent. Toronto-Dominion Bank (TD.TO) is weakening 0.21 percent.
The Capped Materials Index is down 0.43 percent. Franco-Nevada (FNV.TO) is falling 0.04 percent and Agnico Eagle Mines (AEM.TO) is losing 0.81 percent.
The Energy Index is falling 0.35 percent. Crude oil prices are falling Tuesday morning ahead of U.S. inventories data.
Canadian Natural Resources (CNQ.TO) is losing 0.35 percent and Suncor Energy (SU.TO) is down 0.29 percent. Crescent Point Energy (CPG.TO) is declining 1.16 percent and Husky Energy (HSE.TO) is falling 0.84 percent. Imperial Oil (IMO.TO) is lower by 1 percent.
Encana (ECA.TO) is higher by 1.94 percent after reporting better than expected first quarter earnings.
The Gold Index is decreasing 0.14 percent. Gold prices continue to move lower Tuesday ahead of this week's Federal Reserve meeting.
Eldorado Gold Corp. (ELD.TO) is dropping 1.23 percent and B2Gold (BTO.TO) is losing 2.71 percent. Yamana Gold (YRI.TO) is declining 2.17 percent and Barrick Gold (ABX.TO) is surrendering 0.81 percent.
Ballard Power Systems (BLDP.TO) announced Tuesday that it has received a purchase order from Van Hool NV, a bus OEM partner in Belgium, for 40 FCveloCity-HD fuel cell modules to power buses. The stock is rising 0.48 percent.
Fortis (FTS.TO) is gaining 0.44 percent after posting first quarter adjusted EPS of $0.69.
Calfrac Well Services (CFW.TO) is advancing 0.90 percent after its first quarter EPS increased to C$0.46 from C$0.15 a year ago.
On the economic front, UK manufacturing activity expanded at the slowest pace in 17 months in April, survey data from IHS Markit showed Tuesday.
The Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 53.9 in April from 54.9 in March. The score was forecast to fall slightly to 54.8.
In commodities, crude oil futures for May delivery are down 0.93 or 1.36 percent at $67.64 a barrel.
Natural gas for May is up 0.046 or 1.66 percent at $2.809 per million btu.
Gold futures for June are down 12.70 or 0.96 percent at $1,306.50 an ounce.
Silver for May is down 0.161 or 0.98 percent at $16.24 an ounce.
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