Canada’s main stock index moved lower on Monday, hurt by a selloff in energy and materials stocks as prices of most commodities fell, while rising government bond yields kept adding pressure on equities.
The TSX Composite hurtled lower 154.98 points to open the day and the week at 18,960.66.
The Canadian dollar backpedaled 0.11 cents at 72.84 cents U.S.
ON BAYSTREET
The TSX Venture Exchange faded 6.2 points to 514.54.
All but one of the 12 TSX subgroups lost ground in Monday’s first hour, with materials tumbling 2.4%, health-care ailing 2.3%, and gold duller in price 2.2%.
Only consumer staples moved up, and only 0.1% at that.
ON WALLSTREET
Stocks fell Monday as Treasury yields rose and traders looked ahead to the release of corporate earnings from tech industry giants.
The Dow Jones Industrials backed off 69.78 points at Monday’s open to 33,057.50,
The S&P 500 index slid 6.98 points to 4,217.18.
The NASDAQ index handed back 21.62 points to 12,962.19.
Shares of oil major Chevron slipped nearly 3% following news that the company would purchase peer Hess in an all-stock deal. Pharmacy giant Walgreens ticked up 2% following an upgrade from JPMorgan while online security stock Okta slipped 8% following a data breach.
Earnings season ramps up this week, with a slew of big tech titans set to report. Investors will anticipate results from Alphabet, Amazon, Meta and Microsoft to provide key information for the stock market.
Interest rates have soared in recent weeks, with the 10-year’s break above 5% on Thursday marking the first such occurrence for the benchmark since July of 2007. Comments from Federal Reserve chair Jerome Powell that monetary policy could tighten further seemingly stoked investor concern and underpinned the rise in Treasury yields.
Prices for the 10-year Treasury moved forward, lowering yields to 4.91% from Friday’s 4.91%. Treasury prices and yields move in opposite directions.
Oil prices slid 35 cents to $89.02 U.S. a barrel.
Gold prices advanced $11.60 to $1,999.70.