Equities in Canada’s largest centre descended Monday, as investors pulled out of communication and utility companies.
The TSX dipped 35.28 points to conclude Monday at 20,226.79.
The Canadian dollar inched forward 0.02 cents to 75.80 cents U.S.
Cogeco Communications led the retreat by communications companies, docking $2.19, or 3.2%, to $66.24, while BCE fell 99 cents, or 1.7%, to $57.58.
In utilities, Fortis backpedaled 89 cents, or 1.6%, to $56.45, while Innergex Energy lost 21 cents, or 1.6%, to $12.93.
In energy, Parex Resources faltered $2.26, or 7.8%, to $26.75, while Athabasca Oil handed back a dime, or 2.9%, to $3.30.
Health-care concerns tried to make things slightly better, Bausch Health Companies triumphed $1.12, or 10%, to $12.29, while Chartwell Retirement Residences claimed 23 cents, or 2.4%, to $9.92.
Tech issues marched forward, with Quarterhill taking on four cents, or 3%, to $1.39, while Celestica jumped 49 cents, or 2.3%, to $21.43.
Financials also moved forward, with Nuvei hiking $1.72, or 3%, to $46.54, while Fairfax Financial Holdings jumped $19.65, or 2.1%, to $975.35.
Economically speaking, new motor vehicle sales topped 165,500 in May, compared to 148,800 in the prior-year month.
As well, foreign investment in Canadian securities totaled $11.2 billion in May, led by strong foreign purchases of federal government debt securities. Meanwhile, Canadian investors reduced their holdings of foreign securities by $2.8 billion, led by sales of U.S. government debt securities.
Wholesale trade, also for May, grew 3.5%, compared to a loss of 1.4% for May 2022.
ON BAYSTREET
The TSX Venture Exchange dropped three points to 625.44.
Eight of the 12 TSX subgroups were lower towards the close Monday, with communications sliding 1.4%, utilities off 1%, and energy dipping 0.8%.
The four gainers were led by health-care, springing 3.2%, information technology, ahead 0.6%, and financials, crawling up 0.4%.
ON WALLSTREET
Stocks were higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.
The Dow Jones Industrials gained 76.32 points to close Monday at 34,585.35.
The S&P 500 surged 17.37 points to 4,522.79.
The NASDAQ index popped 131.24 points to 14,244.95.
Shares of tech-giant Apple added 2%, while Tesla climbed roughly 3%. Shares of JPMorgan Chase ticked up 2.5%.
The second-quarter earnings season gains steam this week with results from big financial institutions such as Bank of America, Morgan Stanley and Goldman Sachs. Results are also due from United Airlines, Las Vegas Sands and technology giants Tesla and Netflix.
Wall Street expects a gloomy season with lower profits. Analysts forecast a more than 7% decline in S&P 500 earnings from a year ago, according to FactSet.
The moves came on the heels of solid big bank earnings and softer inflation reports that lifted investor sentiment. That heightened some hopes the Federal Reserve may be able to tamp down inflation without tipping the economy into a recession.
Wall Street is bracing for what be a gloomy season with lower profits. Analysts forecast a more than 7% decline in S&P 500 earnings from a year ago, according to FactSet.
This week also ushers in the Fed’s “blackout period” ahead of its July policy meeting. Traders anticipate a near 97% chance the central bank increases interest rates later this month, after pausing hikes in June.
Prices for the 10-year Treasury were ahead slightly, lowering yields to 3.81% from Friday’s 3.82%. Treasury prices and yields move in opposite directions.
Oil prices gave back $1.30 to $74.12 U.S. a barrel.
Gold prices faded $5.40 to $1,959.00 U.S. an ounce.