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In New York, the Dow Jones industrial average was up 3.07 points at 33,852.53. The S&P 500 index was down 6.31 points at 3,957.63, while the Nasdaq composite was down 65.72 points at 10,983.78.

It鈥檚 been a news-heavy day in Canada and abroad, resulting in a mixed bag for the markets, said Todd Mattina, chief economist at Mackenzie Investments.

Materials and energy outperformed the TSX Tuesday, leading to a slight gain in Canada versus a slip in U.S. markets, which were dragged down by tech and higher bond yields, said Mattina.

好色tv GDP data released Tuesday was overall higher than expected, but signalled some weakness in the underlying economic momentum that could lead investors to pin hopes on the Bank of Canada taking its foot off the interest-rate pedal sooner rather than later, said Mattina.

Residential construction and investment were particularly down, he said, adding that鈥檚 鈥渘ot surprising given the Bank of Canada鈥檚 rate hiking cycle, but suggests that we鈥檙e going to be seeing slowing growth in coming quarters.鈥�

Banks made headlines throughout the day as HSBC announced its 好色tv unit will be bought by the Royal Bank of Canada. Meanwhile, Scotiabank saw its profits slip.

Scotiabank鈥檚 report wasn鈥檛 well-received by investors and its stock was down on the results, said Mattina, though weaker bank earnings may be a case of bad news being good news, he added, another signal that the central bank鈥檚 hikes are having their intended effect.

The 好色tv dollar traded for 73.65 cents US compared with 74.33 cents US on Monday.

鈥淭he 好色tv dollar has had a very big day,鈥� said Mattina, as it fell further against the U.S. dollar. The dollar was affected by a number of drivers, he said, including GDP and the foreign exchange market.

Meanwhile, oil continued its recovery Tuesday after uncertainty about COVID restrictions in China affected outlook on global demand. There are now indications that China is updating its pandemic response, said Mattina, and the price is being further bolstered by the possibility of OPEC plus announcing production cuts at its next meeting.

The January crude oil contract was up 96 cents at US$78.20 per barrel and the January natural gas contract was up four cents at US$7.24 per mmBTU.

The February gold contract was up US$8.40 at US$1,763.70 an ounce and the March copper contract was up two cents at US$3.64 a pound.

This report by 好色tvwas first published Nov. 29, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)