Canada’s main stock index erased early gains on Monday, slipping from an all-time high, as a sharp drop in energy shares on lower crude prices offset gains in technology stocks.
The TSX Composite index lost 83.47 points, to break for lunch Monday at 20,146.79.
The Canadian dollar handed over 0.23 cents to 81.12 cents U.S.
Thursday, markets in Canada are closed in honour of Canada Day.
Brookfield Renewable Partners L.P. was the top gainer, jumping $2.05, or 4.5%, to $47.98, after Credit Suisse upgraded it to “outperform” from “neutral”, followed by a rise of $31.55, or 1.7%, to $1,843.97, by Shopify after Barclay raised its price target.
Sandstorm Gold fell 78 cents, or 7.8%, the biggest decline on the TSX, to $9.18 after RBC downgraded the rating of the gold miner.
The second biggest decliner was oil producer Vermilion Energy down 53 cents, or 4.7%, to $10.68.
ON BAYSTREET
The TSX Venture Exchange demurred 0.78 points to 947.73.
Eight of the 12 TSX subgroups had turned lower midday, with energy docked 2.4%, while consumer discretionary faded 1.1%, and materials were down 0.9%.
The four gainers were led by health-care, ahead 1.3%, information technology, better by 1.2%, and utilities, improving 0.4%.
ON WALLSTREET
The U.S. stock market struggled for direction on Monday, but a strong start for tech stocks pushed the NASDAQ to another record high.
The Dow Jones Industrials gave back 168.92 points to 34,264.92, as energy and transport stocks came under pressure.
The S&P 500 eked up 1.22 points to 4,282.04
The NASDAQ jumped 103.72 points to an intraday high of 14,464.11.
Tech stocks led in early trading, with shares of Apple, Amazon and Salesforce rising more than 1%. Aerospace giant Boeing weighed on the Dow, with shares falling 3% after regulators told the company it is not likely to receive certification for its long-range aircraft until at least 2023.
A massive, bipartisan infrastructure deal appeared revitalized as of Sunday evening after President Joe Biden clarified on Saturday that he doesn’t plan to veto the legislation if it comes without a separate reconciliation bill favored by Democrats. Republican senators then said on Sunday that the deal can move forward.
The president, flanked by a bipartisan group of senators, declared on Thursday that the group had reached a multibillion-dollar deal to improve the nation’s roads, bridges, waterways and broadband after weeks of negotiation.
Democrats have been pushing for a second bill that would include funding for issues like climate change, child care, health care and education.
Prices for 10-Year Treasurys improved, lowering yields to 1.48% from Friday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices slid 98 cents to $73.07 U.S. a barrel.
Gold prices gained $3.30 to $1,781.10 U.S. an ounce.