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The S&P/TSX Composite fell 0.8% to close at 36,170 on Tuesday, weighed down by losses in the mining sector. Miners posted sharp losses as gold prices tumbled on hotter-than-expected US inflation and hawkish remarks from Federal Reserve officials. Agnico Eagle fell 4.5%, Barrick tumbled 5.6%, WPM dropped 4.4%, and Franco-Nevada shed 2.5%. Equinox Gold tumbled 6.2% as adjusted Q3 EPS fell short of expectations, and Endeavour Silver lost 2.8% after narrowing its full-year gold production guidance. Meanwhile, oil prices extended losses as investors increasingly anticipated a diplomatic resolution to the US-Iran conflict. Lower energy prices provided some relief to credit-sensitive sectors: Great-West Lifeco rose 2.7% and Fairfax Financial added 2.5%. iA Financial rose 1.5% after beating EPS estimates and raising its quarterly common dividend. Still, most major banks edged lower. Elsewhere, Hydro One gained 0.6% despite missing EPS expectations.

TSX Falls on Mining Losses

US stock indices closed lower on Tuesday as higher-than-expected inflation weighed on stocks and bonds following hawkish signals from Fed officials. The S&P 500 lost 0.4%, the Dow shed 158 points, and the Nasdaq declined 0.6%. A surprisingly high CPI reinforced expectations of a quarter-point December hike, with money markets pricing some chance of an even larger move and further hikes next year. Meanwhile, Anthropic is expected to begin trading as early as next week, seeking to raise up to $90 billion at a diluted valuation of around $1.4 trillion. The offering comes amid strong demand for AI services, though growing concerns over excessive capital expenditure have raised questions about the sustainability of the sector’s investment boom. Chipmakers were mostly lower, with Nvidia falling 5.5%, extending the previous session’s losses, while Micron shed 1.1%. Hyperscalers also declined, with Microsoft losing 2.2% and Oracle retreating 1.5%.

US Stock Market Closes Lower Following CPI Report

US equities fell on Tuesday as higher-than-expected inflation weighed on stocks and bonds, amid hawkish signals from Fed officials and investor scrutiny of the upcoming Anthropic IPO. The S&P 500 lost 0.5%, the Dow shed 200 points and the Nasdaq declined 1%. Both headline and core US CPI rose more than expected in October, reinforcing expectations of a Fed rate hike next month and lifting bets on multiple rate increases next year. Meanwhile, Anthropic is expected to begin trading as early as next week, seeking to raise up to $90 billion at a diluted valuation of around $1.4 trillion. The offering comes amid strong demand for AI services, although growing concerns over excessive capital expenditure have raised questions about the sustainability of the sector's investment boom. Chipmakers were mostly lower, with Nvidia falling nearly 6%, extending the previous session's losses, while Micron shed almost 3%. Hyperscalers also declined, with Microsoft and Oracle retreating more than 2%.

US Stocks Fall as Hot Inflation Fuels Fed Rate Hike Bets

Corn futures rebounded to $4.50 per bushel from a three-month low of $4.40 on November 9th after the USDA's WASDE report downwardly revised the supply backdrop in the US. US corn stocks at the end of the marketing year are expected to be 1.758 billion bushels, revised lower from last month's projection of 1.849 billion, consistent with a reduction in annual production to 15.89 billion bushels from 16.03 billion. Meanwhile, the US harvest reached 81% completion as of November 8th, five percentage points behind the five-year average, with wet conditions slowing fieldwork in key producing states such as Iowa. The data trimmed the recent decline in corn prices, which had been partially driven by the slump in fuel costs amid fresh optimism over diplomacy in Iran, limiting demand for ethanol.

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TSX Falls on Mining Losses

US Stock Market Closes Lower Following CPI Report

US Stocks Fall as Hot Inflation Fuels Fed Rate Hike Bets

Corn Rebounds form 3-Month Low After WASDE

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Japan Reuters Tankan Index

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