Canada’s main stock index fell at market open on Monday, dragged down by weakness in financial and commodity-linked stocks, while investors remained on the sidelines ahead of major U.S. earnings.
The TSX faded 11.14 to begin the day and the week at 20,682.01.
The Canadian dollar eased back 0.06 cents to 73.81 cents U.S.
The Alberta Energy Regulator has started an investigation into the death of 32 waterfowl at a Suncor Energy tailings pond on its Base Mine Site. Suncor shares grabbed 14 cents to $41.34.
Lundin Mining, which recently made Chile’s first big copper acquisition in nearly a decade, is setting targets for its new Caserones mine and waiting to expand its existing Candelaria mine. Lundin shares gained a dime to $10.34.
TC Energy said a 14,000-barrel oil spill from its Keystone pipeline in rural Kansas in December was primarily due to a progressive fatigue crack, which originated during the construction of the pipeline. Shares in TC capsized 77 cents, or 1.3%, to $55.01.
On the economic calendar, Statistics Canada reported new housing prices were flat in March.
ON BAYSTREET
The TSX Venture Exchange eased back 3.64 points to 610.56.
Eight of the 12 TSX subgroups were positive to start the session, led by energy, up 0.5%, industrials, forging ahead 0.4%, and consumer staples, up 0.3%.
The four laggards were weighed most by gold down 0.7%, while materials and financials each gave back 0.4%.
ON WALLSTREET
Stocks were trading near flat Monday as investors awaited a slew of corporate earnings from big tech companies, as well as fresh economic data releases.
The Dow Jones Industrials grabbed 49.39 points to start Monday at 33,858.35.
The S&P 500 moved higher 6.53 points to 4,140.05.
The NASDAQ weakened 1.37 points to 12,071.09.
Wall Street is looking ahead toward mega-cap tech earnings results this week in what will mark the halfway point of earnings season.
Alphabet, Microsoft, Amazon and Meta are among the high-interest names scheduled to announce their results for the first quarter.
Roughly 76% of S&P 500 companies that have reported earnings through Monday morning beat analyst earnings estimates, according to FactSet data. However, first-quarter earnings for S&P 500 companies are estimated to decline an overall 5.2%.
Investors are also keeping a close eye out on new economic data that will provide insight into whether inflation is cooling, or if the Federal Reserve will announce another rate hike at its next meeting in early May. GDP numbers for the first quarter, as well as April’s consumer sentiment data will be released among a flurry of other economic indicators.
Prices for the 10-year Treasury gained back lost ground, lowering yields to 3.54% from Friday’s 3.57%. Treasury prices and yields move in opposite directions.
Oil prices regained 82 cents to $78.69 U.S. a barrel.
Gold prices dipped $1.30 to $1,989.20 U.S. an ounce.