Canada’s main stock index minimized its losses by the closing bell Monday. as higher U.S. Treasury yields fostered concerns about the prospect of higher interest rates.
The S&P/TSX Composite came off its lows of the day, rallying to within 12.13 points of Friday’s close, to end Monday at 21,072.32.
The Canadian dollar slipped 0.21 cents to 78.85 cents U.S.
Industrials weighed heaviest on equities Monday, with ATS Automation Tooling Systems sliding $2.57, or 5%, to $48.82, while Ballard Power Systems sliding 68 cents, or 4.6%, to $14.06.
In tech stocks, Descartes Group doffed $3.49, or 3.7%, to $91.63, while Converge Technology Solutions Corp. lost 36 cents, or 3.5%, to $10.00.
Real-estate issues listed lower, too, with Colliers International down $4.76, or 2.7%, to $174.93, while FirstService took a small header, off $4.61, or 2.1%, to $217.80.
Helping to balance out matters, Eldorado Gold gained 36 cents, or 3.2%, to $11.80, while Sandstorm Gold prospered 30 cents, or 4.2%, to $7.43.
In the health-care field, Tilray zoomed a dollar, or 12.3%, to $9.13, while Aurora Cananbis gathered 25 cents, or 3.6%, to $7.23.
In other resource stocks, Ivanhoe Mines muscled up 45 cents, or 4.2%, to $11.14, while Franco-Nevada jumped $5.16, or 3.3%, to $166.05.
Prime Minister Justin Trudeau is pushing ahead with a vaccine mandate for international truckers despite increasing pressure from critics who say it will exacerbate driver shortages and drive up the price of goods imported from the United States.
ON BAYSTREET
The TSX Venture Exchange collapsed 13.01 points, or 1.4%, to 898.45.
All but three of the 12 TSX subgroups were negative on the day, with industrials peeling back 1.2%, information technology down 1%, and real estate paling 0.8%.
The three gainers were gold, brighter by 2.1%, health-care, haler by 1.8%, and materials stronger by 1.3%.
ON WALLSTREET
U.S. stocks staged an afternoon rally on Monday as major tech stocks reversed earlier losses and snapped a four-day losing streak for the NASDAQ
The Dow Jones Industrials weakened 162.79 points to 36,068.87.
The S&P 500 eked downward 6.74 points to 4,670.29.
The NASDAQ broke out of its funk and gained 6.93 points to 14,942.83, after being behind up to 2% during the day.
Large tech stocks were under pressure in early trading but were able to stabilize and then move higher as the day wore on. Nvidia, Tesla and
Apple all closed higher after losing ground earlier in the session.
Elsewhere, Shares of video game publisher Take-Two fell more than 15% after the company announced a deal to purchase Zynga. Apparel stocks Nike and Tapestry fell 5.4% and 4.5%, respectively. Lululemon fell more than 2% after the company said the omicron variant had hurt its fourth-quarter results.
On Sunday, Goldman Sachs projected the Federal Reserve to hike rates four times in 2022, signaling that Wall Street increasingly expects the central bank to get aggressive in an attempt to curb inflation.
Earnings season also kicks off this week. The S&P 500 is expected to show a growth rate of 21.7%, which would be the fourth straight quarter above 20%
Financial heavyweights JPMorgan Chase, Citigroup and Wells Fargo release quarterly results Friday.
Prices for 10-year Treasurys regained some lost strength, lowering yields to 1.76% from Friday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices gave back 50 cents to $78.40 U.S. a barrel.
Gold prices recovered $3.60 to $1,801.00 U.S. an ounce.