Investors settled back Monday, perhaps taking their profits from Friday’s lively session, which noticed many of the indexes at heights they hadn’t seen in several months. This, ahead of the Bank of Canada rate hike announcement.
The TSX lost 94.57 points to end Monday at 19,930.06.
The Canadian dollar skidded 0.07 cents to 74.39 cents U.S.
BoC is expected to keep its key interest rate on hold at 4.5% for the rest of this year, according to a Reuters poll of economists, who said the risk of one more rate hike was high. The decision is expected on Wednesday.
Cannabis concerns let the side down Monday, with Canopy Growth sinking nine cents, or 7.9%, to $1.05, while Tilray gave up eight cents, or 7.4%, to $2.26.
Among financials, National Bank gained $1.99, or 2%, to $96.86, while Element Fleet Management dipped 38 cents, or 1.9%, to $20.17.
In real-estate, StorageVault swooned 13 cents, or 2.2%, to $5.83, while units of Granite REIT faltered $1.17, or 1.4%, to $82.56.
Techs tried to balance things out, with Coveo Solutions up 31 cents, or 4%, to $8.07, while Kinaxis grew $5.30, or 2.9%, to $186.56.
In the gold sector, Iamgold gained 13 cents, or 3.4%, to $3.94, while Torex Gold Resources jumped 64 cents, or 3.1%, to $21.52.
ON BAYSTREET
The TSX Venture Exchange eked up 0.09 points to 609.17.
All but two of the 12 TSX subgroups finished the day in the red, as health-care faded 1.5%, financials were off 1%, and real-estate bowed 0.7%.
The two lone gainers were information technology, up 0.4%, while gold scraped by, gaining 0.1%.
ON WALLSTREET
The S&P 500 dipped in late afternoon trading, erasing earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months.
The Dow Jones Industrials stumbled 200.36 points to 33,562.60.
The much-broader S&P 500 retreated 8.58 points to 4,273.79.
The tech-heavy NASDAQ index sank 11.34 points to 13,229.43.
Apple lost about 0.8%, retreating from all-time highs touched earlier in the session. The iPhone maker on Monday unveiled its highly anticipated virtual reality headset and a slew of software updates its annual Worldwide Developers Conference.
Intel shed 4.6% as Apple revealed a new chip, while Nvidia pulled back on valuation concerns after its recent surge. JPMorgan Chase and Goldman Sachs struggled amid news that regulators are considering upping capital requirements at large banks.
Stocks are coming off a big rally to end the week on the heels of a strong May jobs report. The larger-than-expected number signaled to some investors that a recession may no longer be in the cards for the economy.
The passage of the debt ceiling bill and avoidance of a potentially catastrophic default also boosted investor sentiment, with President Joe Biden signed bill into law late Friday.
Prices for the 10-year Treasury improved, lowering yields to 3.69% from Friday’s 3.70%. Treasury prices and yields move in opposite directions.
Oil prices added 12 cents to $71.86 U.S. a barrel.
Gold prices spiked $8.40 to $1,978.00 U.S. an ounce.