Canadian and U.S. stock markets moved in opposite directions Tuesday, as basic materials stocks weighed on the S&P/TSX composite index.

“I think the sector is also under pressure because investors are rotating out, taking profit and looking for other pockets of higher return potentials, names where the valuations aren’t as high,” said Theresa Shutt, chief investment officer at Harbourfront Wealth Management.

Read more: Canada, U.S. markets move in opposite directions amid sell-off in precious metals | Advisor.ca