Oct 29 (Reuters) - Canada's main stock index was muted on Tuesday as a rise in long-term bond yields pressured rate-sensitive stocks like utilities and limited overall gains led by mining shares, while investors awaited earnings from megacap Alphabet.
The S&P/TSX composite index was up 8.98 points, or 0.04%, at 24,574.64.
The materials sector added 1% as gold prices hovered near an all-time high on U.S. election uncertainty and expectations of a rate cut by the Federal Reserve. Gains in copper prices also lent support.
Utilities and real estate shares fell 1.4% and 0.5%, respectively.
Yield on the U.S. 10-year benchmark Treasury note rose around 6 basis points, while Canadian 10-year benchmark yield also wavered.
"Given the U.S. election coming up to bring upward pressure on the bond yields, we've seen a little more volatility," said Denis Taillefer, senior portfolio manager at Caldwell Securities Ltd.
"And we expect the markets to struggle to try and breakthrough and make new highs in this environment."
The upcoming U.S. presidential election contributed to market jitters, with investors evaluating the chances of a Donald Trump victory that could potentially lead to higher tariffs, inflation and long-term Treasury yields.
Among economic data, U.S. job openings fell in September, suggesting a weakening labor market and raising expectations of two separate quarter-point interest-rate cuts later this year.
Looking ahead, spotlight will be on Google-parent Alphabet's quarterly results later in the day, kicking off this week's earnings for five members of the so-called "Magnificent Seven" group.
Bank of Canada Governor Tiff Macklem is expected to appear at the House of Commons Standing Committee on Finance at 03:30 p.m. ET.
Among individual stocks, Lithium Americas shares rose 4.6% after the U.S. Department of Energy on Monday finalized a $2.26 billion loan for the company to build Nevada's Thacker Pass lithium mine.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
Source: Reuters