Canada’s main stock index fell on Monday, dragged down by weakness in energy and materials stocks, while government data showed the domestic wholesale trade most likely fell in February.
The TSX got woozy at the opening bell, falling 65.29 points to begin Monday and the week at 18,788.71.
The Canadian dollar peeked up 0.12 cents at 79.97 cents U.S.
RBC raised the rating on Capstone Mining to outperform from sector perform. Capstone shares acquired 20 cents, or 5.5%, to $3.82.
CIBC cut the rating on Cascades to neutral from outperform. Cascades plummeted $1.40. or 7.8%, to $16.61.
RBC cut the rating on Labrador Iron Ore Royalty to sector perform from outperform. Labrador Iron Ore lost $2.13, or 5.4%, to $37.01.
Lithium Americas jumped 14 cents to $20.18 and advertising firm AcuityAds Holdings, which rose $1.31, or 7.3%, to $19.25.
Unionized dockworkers at Canada’s second-largest port on Sunday rejected an offer from management, raising industry fears of a new strike following crippling work stoppages in 2020.
ON BAYSTREET
The TSX Venture Exchange gained 3.86 points to 999.66.
Seven of the 12 TSX subgroups were lower in the first hour, with industrials and health-care each staggering 1.3%, while energy lost 1%.
The five gainers were led by utilities, up 0.8%, information technology, hiking 0.7%, and communications, better by 0.4%.
ON WALLSTREET
Technology stocks led the S&P 500 higher on Monday amid falling Treasury yields as Wall Street looked to bounce back from a losing week.
The Dow Jones Industrials recovered 49.25 points to begin the week at 32,677.22
The S&P 500 progressed 17.07 points 3,930.17.
The NASDAQ Composite climbed 106.45 points to 13,321.69.
Shares of Tesla added more than 4% as rates fell and as Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Apple, Facebook and Microsoft all gained at least 1%.
Optimism about the markets and the path of the U.S. economy has been growing as vaccines are rolling out across the country, with the pace of Americans getting shots climbing in recent weeks. Several states are seeing an increase in COVID-19 cases, however.
U.S. trial data released Monday showed the COVID vaccine developed by AstraZeneca and the University of Oxford is 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.
Prices for 10-Year Treasurys regained lost ground, dropping yields to 1.70% from Friday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil prices picked up seven cents to $61.35 U.S. a barrel.
Gold prices slumped $7.70 to $1,734.00.