Stock markets in this country continue to struggle for direction, as the suspense refuses to let up as to whether interest rate hikes will be needed to counter inflation.
The TSX Composite lost 68.9 points to bring Monday’s session to an end at 19,046.74.
The Canadian dollar gained 0.10 cents at 73.05 cents U.S.
Health-care led the subgroups down, with Bausch Health Companies falling 37 cents, or 3.7%, to $9.65, while Tilray dumped six cents, or 2%, to $2.45.
Energy trailed Friday’s close, with Athabasca Oil shedding 12 cents, or 2.8%, to $4.12, while Africa Oil slid nine cents, or 3.4%, to $2.56.
Materials also pointed downward, with Lithium Americas off 50 cents, or 5.3%, to $9.02, while Nutrien sank $3.51, or 4.3%, to $77.97.
Utilities tried to set things right, with Brookfield Renewable Partners picking up $1.08, or 3.7%, to $30.51, while Emera hoisted $1.04, or 2.4%, to $45.34.
Among communications, BCE acquired 58 cents, or 1.1%, to $51.26, while Quebecor increased 24 cents to $27.92.
In consumer staples, Maple Leaf Foods claimed 63 cents, or 2.6%, to $24.85, while North West Company increased 38 cents, or 1.1%, to $35.44.
ON BAYSTREET
The TSX Venture Exchange faded 2.26 points to 518.48.
Seven of the 12 TSX subgroups lost ground, health-care the worst off, dropping 1.7%, while energy petered out 1.6%, and materials slid 1.3%.
The five gainers were led by utilities, up 0.8%, communications, progressing 0.5%, and consumer staples, forging up 0.2%.
ON WALLSTREET
The NASDAQ Composite ticked higher on Monday as Treasury yields rose and traders looked ahead to the release of corporate earnings from tech industry giants.
The Dow Jones Industrials faltered 190.87 points to end Monday at 32,936.41.
The S&P 500 index lost 7.04 points to 4,217.04.
The NASDAQ nipped its losing streak at four sessions, picking up 34.52 points to 13,018.33.
Shares of oil major Chevron slipped 2.3% following news that the company would purchase peer Hess in an all-stock deal. Pharmacy giant Walgreens ticked up 5% following an upgrade from JPMorgan while online security stock Okta fell 7% 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 4.85% from Friday’s 4.91%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.07 to $86.01 U.S. a barrel.
Gold prices stumbled $10.10 to $1,984.30.