Coutu, Valeant in news
The struggle continued on
The S&P/TSX composite index plummeted 111.89 points to start out Tuesday's session at 15,061.04
The Canadian dollar inched forward
Fewer Canadian firms expect to have difficulty meeting a surge in demand than did in the first quarter, the Bank of
Barclays raised the target on Alimentation Couche-Tard to
All but one of the 14 Toronto subgroups were lower, with information technology stocks sinking 2%, while health-care issues dipped 1.7%, and telecoms fell 1.5%.
The lone holdout against the negative tide was in gold, up 0.5%.
Led by losses in
The Dow Jones Industrials slumped 109.16 points to 16,915.05
The S&P 500 eased back 12.31 points to 1,965.34, and the NASDAQ composite collapsed 56.89 points to 4,394.64.
Aluminum producer Alcoa is scheduled to unveil its earnings after the closing bell, marking the start of the quarterly results season. Restaurant chain
Shares of American Apparel are under pressure after the struggling company warned it received a notice of default from a lender related to last month's ouster of founder and CEO
However, American Apparel disputed that default claim and is exploring ways to tap its revolving credit facility to repay the lender. Also, the
Meanwhile, investors are seizing on a potential discount on shares of Groupon. The daily deals site jumped 4% after it was reportedly upgraded to "buy" from "neutral" by
With the S&P 500 index already up 7% this year, investors will be looking closely to see whether corporate profits can support stocks and to what extent markets have been relying on cheap money from the Federal Reserve to push indexes to new records.
Second-quarter earnings are expected to grow 4.9% compared to the same period last year, though that estimate is down from the 6.8% prediction at the start of the quarter, according to data from FactSet.
European markets were weaker, with airline and banking stocks under pressure. Air France KLM cut its earnings forecast due to overcapacity on routes to
Some bank stocks took a hit from a New York Times report saying
Prices for 10-year U.S. Treasuries surged, lowering yields to 2.57% from Monday's 2.62%. Treasury prices and yields move in opposite directions.
Oil prices picked up
Gold prices spiked
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