The S&P/TSX Composite eked out another record high on Tuesday, closing up 37.98 points at 21,594.52. However, Wall Street finished the day lower ending an eight-day winning streak as profit-taking and inflation concerns took center stage again. Inflation concerns will remain in the spotlight today as investors await a more detailed report on how consumers are being impacted with the release of the U.S. Labor Department’s Consumer Price Index for October at 8:30 a.m. ET. Today’s data is expected to rise 0.6 per cent, or show a year-over-year gain of 5.9 per cent, which would be the highest level since 1990.

CANADIAN NATURAL RESOURCES BUYING STORM RESOURCES

Canadian Natural Resources is buying Storm Resources. The company is paying $6.28 a share in cash, valuing Storm at roughly $960-million. The deal is expected to close in December. Storm operates in Alberta and British Columbia.

BIDEN ADMINISTRATION NOT PLANNING TO SHUTDOWN ENBRIDGE'S LINE 5

Late Tuesday afternoon the White House said it is not considering a shutdown of Enbridge’s Line 5 pipeline that carries Canadian crude through Michigan. That was the message from Deputy Press Secretary Karine Jean-Pierre in her press briefing yesterday, after she said the two governments would work together and “engage constructively” on the future of Line 5. The future of the pipeline has been in question since Michigan’s Governor Gretchen Whitmer ordered it be shut down due to fears of an oil spill endangering the Great Lakes.

GOOGLE LOSES KEY APPEAL AGAINST EU ANTITRUST RULING

Europe’s second-highest court has ruled against Google’s appeal to a US$2.8-billion antitrust decision. The General Court has upheld a 2017 ruling by the European Commission which found the company’s practices gave it an unfair advantage against smaller rivals and harmed competition.

OTHER NOTABLE STORIES

  • Shares of Linamar will be in the spotlight after it raised its dividend and declared a share buyback program even though the auto parts maker saw a drop in its third-quarter profit. We’ll hear from CEO Linda Hasenfratz at 9:10 a.m. ET
  • We’ll hear from CGI’s CEO George Schindler at 4:10 p.m. ET on The Close after the company topped Q4 expectations
  • Shares in Rivian are set to start trading in New York today after the electric truck maker raised almost US$12-billion from investors. Shares were priced at $78 each, which is above the company’s target range
  • Shares of DoorDash are trading significantly higher in the pre-market after the company announced it would buy Finland-based rival Wolt Enterprises for roughly US$8-billion

NOTABLE RELEASES/EVENTS

  • Notable data: US Consumer Price Index, US Wholesale Trade
  • Notable earnings: CGI, Power Corp., Stelco Holdings, Kinross Gold, Emera, RioCan REIT, Kelt Exploration, Birchcliff Energy, Mogo, The Walt Disney Co., Beyond Meat
  • B.C. Securities Commission hearing re. ex-Canada Jetlines chair insider trading accusation
  • 9:00: CGI holds a call to discuss Q4 earnings
  • 10:00: RioCan Real Estate Investment Trust holds a call to discuss Q3 earnings
  • 10:00: Stingray Group holds a call to discuss Q2 earnings
  • 11:00: Vermilion Energy holds a call to discuss Q3 earnings
  • 13:20: Deputy PM and Finance Minister Chrystia Freeland will be speaking at the Toronto Global Forum. Topic is “Reimagining Prosperity for Canada”