The S&P/TSX composite index closed lower for a fifth straight day on Tuesday, down 321.08 points, bringing it to its lowest level in three months. South of the border the Nasdaq index fell sharply losing nearly four per cent or more than 500 points bringing it to its lowest since December 2020. And, the Dow Jones industrial average and the S&P 500 index also finished the day in the red down shedding more than two per cent as investors weighed ongoing concerns about slowing economic growth worldwide. Currently, U.S. futures are pointing to a rebound following yesterday’s sell-off.


The increase in fuel prices over the past few months is weighing on CN Rail’s bottom line and the company doesn’t expect that pressure to ease through the year. The country’s largest railway is lowering its profit growth and cash flow forecast for 2022 after reporting operating expenses jumped 12 per cent in the first quarter. The Montreal-based company missed on the bottom line but revenue came in slightly better than expected. Raymond James Analyst Steve Hansen told BNN Bloomberg cost pressures and a slowdown in growth will continue to weigh on the company for the rest of the year. CN has also said it is on the hunt for a francophone director following criticism last week after it announced a number of new board nominees that didn’t include any who could speak Quebec’s official language.


Cenovus Energy is tripling its dividend. The company says first-quarter profit rose to $1.63 billion compared with $220 million for the same period a year ago thanks to higher crude prices. The fallout from Russia’s invasion of Ukraine has pushed oil prices to their highest levels in more than a decade.


The effects of rising inflation, supply chain disruptions and the war on Ukraine all contributed to weaker than expected results for Google’s parent company. Alphabet reported first-quarter sales rose 23 per cent from the same period a year ago but that fell short of analysts’ expectations and marked its lowest rate since late 2020. A lackluster performance by its YouTube video service and slower ad sales in Europe dragged down the results. The company has also announced a US$70 billion share buyback program.


  • Shares of Microsoft are up in the pre-market trade after the company topped Wall Street’s estimates in the third-quarter and provided Q4 revenue outlook that topped analysts expectations
  • European gas prices are higher after Russia cut off natural gas supplies to Poland and Bulgaria and West Texas Intermediate is trading above US$102 a barrel as investors weigh outlook for Russian oil
  • Teck Resources will be a stock to watch after the company’s full year copper production forecast topped analysts expectations


  • Notable data: Canadian job vacancies
  • Notable earnings: Canadian Pacific Railway, Teck Resources, Cenovus Energy, CGI, Aecon Group, Canadian Utilities, Yamana Gold, Lundin Mining, Toromont Industries, Choice Properties REIT, Allied Properties REIT, Meta Plaftforms, Boeing, Ford Motor Co., Kraft Heinz, Qualcomm
  • Ontario Securities Commission holds enforcement hearing in the matter of Bridging Finance, David Sharpe, Natasha Sharpe, and Andrew Mushore (1000)
  • Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers address Senate Standing Committee on Banking, Trade and Commerce (1830)
  • Statistics Canada releases 2021 Census data on Canada's shifting demographic profile