Canada’s resource-heavy main stock index opened slightly lower on Monday, hurt by a firmer dollar following an assassination attempt at Donald Trump, that increased his winning bets in the U.S. presidential elections.
The TSX Composite Index gained 69.33 points to open Monday at 22,673.57.
The Canadian dollar leaned back 0.02 cents to 73.25 cents U.S.
In corporate news, iron ore mine operator Cleveland-Cliffs was set to acquire Stelco Holdings for $70 per share in a deal valued at $3.4 billion. Stelco shares bounced $27.12, or 72.6%, to $64.48.
In the economic data Monday, Statistics Canada reported May wholesale trade fell 0.8% to $82.2 billion in May. while manufacturing sales rose 0.4% in May, mainly on higher production of aerospace products and parts, as well as sales of food products. The gains were partially offset by lower sales of motor vehicles.
ON BAYSTREET
The TSX Venture Exchange nicked up 1.57 points to 595.27
Seven of the 12 TSX subgroups made gains to open the week, as industrials and information technology each up 0.6%, and real-estate better by 0.5%.
Of the five laggards, utilities shed 0.8%, health-care slumped 0.4%, and gold dulled 0.3%.
ON WALLSTREET
Stocks advanced on Monday as investors evaluated the impact of the assassination attempt on former President Donald Trump and geared up
for a big week of corporate earnings.
The Dow Jones Industrials Average plowed ahead 185.36 points to 40,186.26.
The S&P 500 index picked up 34.07 points to 5,649.37.
The NASDAQ popped 172.55 points, or 1%, to 18,574.74.
Traders were monitoring the latest developments with the attempted assassination of Trump, the Republican candidate for president. While it had potential to create more political strife in the country, investors also speculated this could further propel Trump and Republicans in the polls ahead of the November election.
The Republican National Convention commences Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.
Insurers Humana and UnitedHealth Group, which could benefit from less cost pressures coming from a Republican administration, rose in the session.
Goldman Sachs shares rose after posting earnings that exceeded analyst expectations. It’s one of the more than 40 S&P 500 companies reporting second-quarter earnings this week, a list that also includes household names such as Bank of America, United Airlines and Netflix.
Investors will also follow remarks from Federal Reserve Chair Jerome Powell at the Economic Club of Washington, D.C. at 12:30 p.m. ET.
Prices for the 10-year Treasury faded, raising yields to 4.23% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices dipped 38 cents at $81.83 U.S. a barrel.
Gold prices revied $6.90 to $2,427.60