TSX Ends Modestly Lower

(RTTNews) - The Canadian market ended weak on Tuesday, pushed down by losses in energy stocks as oil prices fell for a third straight day amid concerns about the outlook for demand.

Shares from industrials, communications and technology sectors were among the other notable losers.

The benchmark S&P/TSX Composite Index, which stayed weak right through the day's session, ended with a loss of 83.63 points or 0.38% at 22,042.50.

Hut 8 Corp (HUT.TO) plunged more than 8%. Badger Infrastructure Solutions (BDGI.TO) ended down 6.5%. Restaurant Brands International (QSR.TO), Precision Drilling Corporation (PD.TO), Onex Corporation (ONEX.TO) and Fairfax Financial Holdings (FFH.TO) ended down 2 to 3%.

Canadian Pacific Kansas City (CP.TO) and Shopify Inc (SHOP.TO) both ended down nearly 2%. Boyd Group Services (BYD.TO), Morguard Corporation (MRC.TO), Kinaxis Inc (KXS.TO), Toromont Industries (TIH.TO) and Canadian National Railway (CNR.TO) also ended notably lower.

Maple Leaf Foods (MFI.TO) surged 8.7% after the company said it will spin off its pork segment, separating it from its consumer-packaged goods business and creating two separate, independent and public companies.

Altus Group (AIF.TO) rallied nearly 6%. TerraVest Industries (TVK.TO) gained about 3.5%. Aritzia Inc (ATZ.TO) advanced 2.3%, while National Bank of Canada (NA.TO) and Dollarama Inc (DOL.TO) gained 1.5% and 1%, respectively.

Appearing before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said more good data would strengthen the central bank's confidence inflation is moving sustainably toward its 2% target and lead to a potential interest rate cut.

"The Committee has stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%," Powell said in prepared remarks.