At the Toronto Stock Exchange, the S&P/TSX composite index pulled back 102.56 points at 14,498.10, weighed down by declining energy, gold and materials stocks.
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Investors are also waiting to hear what the Federal Open Market Committee (FOMC) has to say about raising interest rates and the health of the USA economy.
The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the USA economy could absorb a rate increase in the near term.
“The Fed will, in most likelihood, opt for a cautious stance while assessing Brexit implications on the US economy”, Mizuho Bank wrote in a daily commentary.
The Dow Jones Industrial Average lost 26 points, or 0.1%, to 18,543, the S&P 500 index fell 2 points, or 0.1% at 2,172, while the Nasdaq Composite Index lost 3 points, or 0.1%, to 5,097.
The S&P 500 lost 6.55 points, or 0.30 per cent, to 2,168.48. The S&P 500 edged up 0.70 point, or 0.03 percent, to 2,169.18, Xinhua news agency reported. The Calgary-based company reported earnings of $36.7 million for the months of April through June, compared to $61.6 million a year earlier.
Oil prices kept falling on Monday, with both United States oil and Brent crude dropping about two per cent, as worries about a global supply glut continued to weigh on the market.
Apple Inc’s iPhone sales fell for the second straight quarter, although the 15 percent drop was less than expected.
With a majority of analysts betting on one interest rate hike in December and two hikes next year, “the Feds are unlikely to rock the boat”, said Stephen Innes, Senior Currency Trader at OANDA.
PLUCKED: Twitter plunged $2.21, or 12 percent, to $16.25.
Up to Tuesday’s close, Apple’s shares had fallen about 8.2 percent since the start of the year.
The stock provided the biggest boost to the S&P 500.
The S&P energy index fell 1.99 percent, its deepest percentage decline since late June.
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Europe’s energy index fell 2.1 per cent, making it the biggest sectoral faller with weaker crude prices sending oil majors such as Royal Dutch Shell, Total and Eni down between 1.4 and 2.2 per cent. Asian markets were mixed – with the Nikkei up 1.7%, but Shanghai down 1.9% – as investors digested conflicting reports (http://www.marketwatch.com/story/dollar-rises-against-yen-amid-conflicting-reports-about-japan-stimulus-2016-07-27) about the Japanese government’s soon-to-be-released stimulus measures.
