Equities in Canada’s biggest market opened higher on Monday in a broad-based rally led by technology and mining shares, while investor sentiment was upbeat on the possible beginning of policy easing cycle in the United States.
The TSX Composite Index popped 280.93 points, or 1.2%, to begin Monday at 23,062.36.
The Canadian dollar pointed downward 0.04 cents at 73.7 cents U.S.
Corporately speaking, Alimentation Couche-Tard said it was open to engage in talks with Japanese retail giant Seven & i Holdings after the latter rejected former’s $38.5 billion takeover. Couche-Tard shares gathered 40 cents to $77.26.
ON BAYSTREET
The TSX Venture Exchange recovered 3.02 points to 548.24
All 12 TSX subgroups were mightier, led by information technology, up 2.3%, health-care, rocketing 2.2%, and financials, ahead 1.4%.
ON WALLSTREET
U.S. stocks jumped Monday as Wall Street tried to recover some of the steep losses suffered last week.
The Dow Jones Industrial index leaped 395.38 points, or 1%, to begin Monday at 40,740.79.
The S&P 500 index regained 41.05 points to 5,449.47.
The NASDAQ climbed 118.95 points to 16,809.78.
Boeing shares led the way higher for the Dow, rising 3.3%. American Express and Caterpillar also advanced more than 1%. Tech and communication services were the best-performing S&P 500 sectors, advancing more than 1% each.
The stock market suffered serious losses to kick off its first trading week of September, a historically tough month for equities. The S&P 500 tumbled 4.3%, registering its worst week since March 2023. The NASDAQ plunged 5.8% for its worst weekly performance since 2022, while the 30-stock Dow dropped 2.9%.
This week, investors will watch out for two key inflation reports that could further inform the Federal Reserve’s decision at its next open market committee meeting. August’s consumer price will see the light of day Wednesday, and the producer price report is slated for release on Thursday morning.
Prices for the 10-year Treasury gained some ground, lowering yields to 3.71% from Friday’s 3.72%. Treasury prices and yields move in opposite directions.
Oil prices took on 30 cents to $67.97 U.S. a barrel.
Gold prices picked up $1.70 to $2,526.30.