Toronto stocks fell on Monday, driven by declines in materials and energy shares as commodity prices slipped over concerns of a weak China economic recovery and debt-laden property market, which weighed on the country’s demand outlook.
The TSX came off its lows of the morning, but still trailed Friday’s close by 89.94 points by noon EDT 20,317.63.
The Canadian dollar dipped 0.11 cents to 74.29 cents U.S.
Among company earnings, Suncor Energy is set to report quarterly results later in the day. Its stock dipped 63 cents, or 1.5%, to $42.03. Shares in the oil giant faltered 38 cents, or 0.9%, to $42.28.
ON BAYSTREET
The TSX Venture Exchange stumbled 7.17 points, or 1.2%, to 599.97.
Seven of the 12 TSX subgroups remained lower, with materials sliding 1.8%, gold duller by 1.4%, and communications off 0.9%.
The five gainers were led by utilities, up 0.5%, health-care, haler by 0.4%, and industrials, ahead 0.3%.
ON WALLSTREET
Stocks inched down Monday as Wall Street failed to shake off a rough start to August.
The Dow Jones Industrials changed direction and moved upward 16.26 points to move into noon hour at 35,297.66.
The S&P 500 index surged 17.74 points to 4,481.79.
The NASDAQ index gained 93.02 points to 13,737.87.
Shares of Tesla fell more than 2% after the company announced price reductions for certain Model Y units in China. Nikola shares tumbled nearly 12% following an electric-truck recall.
This week could be driven by insights into the state of the U.S. consumer, with earnings reports due from Home Depot, Target and Walmart.
Retail sales data from July is also due out on Tuesday morning.
The earnings reports are coming after a mixed batch of inflation reports last week, which show that price increases have eased from their post-pandemic peak but are still above the Federal Reserve’s 2% target.
Prices for the 10-year Treasury regained lost ground, sending yields back to Friday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices slipped 60 cents to $82.49 U.S. a barrel.
Gold prices doffed $3.30 to $1,943.30 U.S. an ounce.