Canada’s main stock index, the S&P/TSX Composite Index, opened higher on Tuesday, driven by gains in energy shares. Meanwhile, a global semiconductor selloff weighed on technology stocks, pushing investors toward government bonds and stabilizing yields. At 9:31 a.m. ET, the TSX stood at 35,807.91 points, up 0.4 percent.
In the U.S., the S&P 500 and Nasdaq opened lower as chip stocks faced selling pressure. Investors also digested mixed quarterly results from major U.S. banks. The Dow Jones Industrial Average bucked the trend, rising 0.47 percent to 52,092.99, boosted by a 2.9 percent gain in Goldman Sachs after it reported higher third-quarter profits. UnitedHealth climbed 5 percent after raising its 2026 profit forecast, while JPMorgan Chase and Wells Fargo saw mixed reactions to their earnings reports.
Analysts noted that U.S. chipmakers faced renewed pressure amid reports of technological advances by China’s CXMT. Robert Pavlik, senior portfolio manager at Dakota Wealth, described the selloff as profit-taking but cautioned that competition from China could impact some U.S. firms. Meanwhile, oil prices fell as traders assessed supply risks from attacks on Saudi Arabia and potential diesel supplies from Russia.
The broader U.S. equity market has been supported by hopes of a strong earnings season, despite geopolitical concerns and inflation worries. Earnings for the S&P 500 in the July-September quarter are expected to grow 30.6 percent, with technology and energy sectors leading the gains. Upcoming U.S. economic data, including consumer and producer prices, will be closely watched after recent readings eased concerns about imminent interest rate hikes by the Federal Reserve.