Stocks in Toronto were still hamstrung Monday by weakness in real-estate and health-care concerns.
The TSX dropped 33.62 points to close Monday at 19,784.87.
The Canadian dollar parted with 0.03 cents to 73.81 cents U.S.
Health-care concerns were punished Monday, particularly Tilray, down 23 cents, or 6.4%, to $3.37, while units of Chartwell Retirement Residences gave up 21 cents, or 2.5%, to $10.27.
In real-estate, Northwest Health-care Properties REIT handed back 20 cents, or 3.1%, to $6.23, while Trican Capital Corporation surrendered 41 cents, or 3.7%, to $10.76.
Utilities took a beating as well, especially Innergex Renewable Energy, off 21 cents, or 1.6%, to $12.64, while Emera Corporation wilted 75 cents, or 1.5%, to $50.73.
Tech issues tried to take things the opposite way, with Dobeco up $3.18, or 5.8%, to $58.33, while Coveo Solutions scored higher 27 cents, or 2.6%. to $10.76.
In gold, Torex Gold Resources grew 42 cents, or 3%, to $14.67, while Wesdome Gold captured 19 cents, or 2.8%, to $7.04.
Investors will keep a close eye on the retail sales data for June on Wednesday to assess the strength of Canadian consumer spending against the backdrop of high interest rates.
Prime Minister Justin Trudeau said on Sunday that Canada is sending the military to tackle fast-spreading wildfires in British Columbia as the western province deals with flames that have led to evacuation orders for more than 35,000 people.
Earlier in the day, an industry official said Alberta’s seven-month pause on approving new renewable power projects in the Canadian province has caused four major international companies at various development stages to stop work on their plans.
ON BAYSTREET
The TSX Venture Exchange dipped 0.77 points to 585.34.
All but three of the 12 TSX subgroups were lower on the day, weighed most by health-care, doffing 2.5%, real-estate, faltering 1.4%, and utilities, off 0.8%.
The three gainers were information technology, jumping 1.4%, materials, stronger by 1%, and gold, brighter 0.6%.
ON WALLSTREET
The NASDAQ snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade.
The Dow Jones Industrials backed off 36.25 points to finish trading Monday at 34,464.41.
The much-broader index gained 30.19 points to 4,399.90.
The NASDAQ index shot higher 206.81 points, or 1.6%, to 13,497.59, on its biggest one-day advance since July 28, when it rallied 1.9%.
Palo Alto Networks rallied 14.5% on stronger-than-expected earnings, and Nvidia popped 8.3% ahead of its earnings report due Wednesday. Tesla added 7% and Meta climbed 2.4%. The S&P 500 tech sector gained 2.3% on Monday.
Those moves come after weekly declines on Wall Street, which added to the market’s late-summer slump. The S&P 500 and NASDAQ each fell for a third straight week, while the Dow had its biggest weekly decline since March.
Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season.
This week, investors are anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming.
Prices for the 10-year Treasury dived, pushing yields up to 4.34% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices faded 46 cents to $80.79 U.S. a barrel.
Gold prices collected $7.20 to $1,923.70 U.S. an ounce.
NASDAQ Rises for 1st Time in 5 Days