Canada’s main stock index fell on Monday, weighed by weakness in crude and gold prices, although upbeat economic data out of China offered some support.
The S&P/TSX Composite lost 78.71 points to open Monday at 21,689.82.
The Canadian dollar gained 0.2 cents at 79.90 cents U.S.
CIBC raises target price on Boardwalk REIT to $57 from $53. Boardwalk units grabbed 85 cents, or 1.5%, to $55.95.
Berenberg initiated coverage on Converge Technology Solutions with a buy rating. Converge shares backpedaled 20 cents, or 1.8%, to $10.88.
ATB Capital Markets raised the target price on Exchange Income Corp. to $57 from $54. Exchange shares dropped 69 cents, or 1.5%, to $46.59.
On the economic slate, wholesale trade grew 1.0% in September, generated by higher sales of agricultural supplies and machinery, equipment and supplies.
Manufacturing sales fell 3.0% in September, mainly attributable to lower sales in the motor vehicle industry.
Lastly, home sales in Canada were due to be released Monday by the Canadian Real Estate Association.
ON BAYSTREET
The TSX Venture Exchange added 2.6 points to 1,023.66.
Eight of the 12 TSX subgroups were lower in the first hour on Monday, with energy sagging 1.6%, materials down 0.9%, and information technology off 0.5%.
The four gainers were led by health-care, up 1.2%, consumer discretionaries, adding 0.4%, and consumer staples, ahead 0.3%.
ON WALLSTREET
U.S. stocks were slightly higher Monday morning after the S&P 500 broke a five-week winning streak on Friday.
The Dow Jones Industrials better themselves by 69.76 points to open Monday at 36,170.07.
The S&P 500 eked up 6.87 points to 4,689.72.
The NASDAQ Composite acquired 27.68 points to 15,888.64.
Tesla shares fell 2% Monday following a weekend Twitter exchange between founder Elon Musk and Sen. Bernie Sanders.
“We must demand that the extremely wealthy pay their fair share. Period,” the Vermont independent who caucuses with Democrats wrote.
“I keep forgetting that you’re still alive,” Musk responded. In a follow-up tweet, he said, “Want me to sell more stock, Bernie? Just say the word …”
Dow component Boeing rose nearly 3.5% following news that Saudi Arabian Airlines is in talks with Airbus and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow.
Dollar Tree shares gained 7.7% following a report Friday that activist investor Mantle Ridge has taken a stake worth at least $1.8 billion in the discount store chain and will push it to do more to add to shareholder value.
On Monday, President Joe Biden will host a bipartisan bill signing ceremony for the Infrastructure Investment and Jobs Act.
Prices for 10-year Treasurys lost ground Friday, raising yields to 1.57%, from 1.57% on Friday. Treasury prices and yields move in opposite directions.
Oil prices fell $1.14 to $79.65 U.S. a barrel.
Gold prices slid $5.40 to $1,863.10 U.S. an ounce.