Stocks in Canada’s biggest market struggled for direction on Monday, with losses in mining and financial stocks offset by gains in energy and industrials, while investors remained cautious ahead of major U.S. earnings this week.
The TSX lost 38.71 points to break for lunch at 20,654.44.
The Canadian dollar eased back 0.03 cents to 73.84 cents U.S.
The energy sector gained led by a rise of $2.38, or 3.5%, in Precision Drilling to $69.53, ahead of its results later this week.
Telus International rose $1.16, or 4.3%, to $28.39, after Canaccord Genuity initiated coverage with a “buy” rating, lifting the industrials sector.
Lundin Mining edged up seven cents to $10.31, after the miner said it was setting targets for its new Caserones mine and waiting to expand its existing Candelaria mine.
TC Energy fell a dollar, or 1.8%, to $54.78, after the energy company said a 14,000-barrel oil spill from its Keystone pipeline in rural Kansas in December was primarily due to a progressive fatigue crack.
On the economic calendar, Statistics Canada reported new housing prices were flat in March.
ON BAYSTREET
The TSX Venture Exchange eased back 5.44 points to 608.76.
Seven of the 12 TSX subgroups were lower by noon, with information technology sliding 1.1%, while health-care issues staggered 0.9%, and financials were 0.5% poorer.
The five gainers were led by energy, up 0.9%, consumer staples, better by 0.6%, and utilities, improving 0.5%.
ON WALLSTREET
The NASDAQ Composite slipped on Monday as investors awaited a slew of corporate earnings from big technology companies, as well as fresh economic data releases.
The Dow Jones Industrials slid 41.98 points to 33,766.98.
The S&P 500 fell 11.28 points to 4,122.24.
The NASDAQ dipped 95.72 points to 11,976.74.
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%.
Communication services and information technology stocks within the S&P 500 have posted the biggest year-to-date gains of the index’s 11 total sectors, communication adding more than 19% and tech picking up 18%.
Prices for the 10-year Treasury gained ground, lowering yields to 3.52% from Friday’s 3.57%. Treasury prices and yields move in opposite directions.
Oil prices regained 81 cents to $78.68 U.S. a barrel.
Gold prices regained $4.50 to $1,995.00 U.S. an ounce.