Canada’s main stock index opened slightly lower on Monday, hurt by technology stocks, while most investors remained on the sidelines ahead of domestic and the U.S. economic data later in the week.
The TSX Composite Index jumped 194.33 points to end Friday at 24,162.83. On the week, the index added 109 points, or 0.45%.
The Canadian dollar shed 0.14 cents to 73.67 cents U.S.
In corporate news, Chevron would sell its non-operated interest in the Athabasca Oil Sands project and its operated interest in Duvernay shale to Canadian Natural Resources for $6.5 billion. Canadian Natural Resources stock took on 90 cents, or 1.9%, to $49.12
ON BAYSTREET
The TSX Venture Exchange eked up 0.45 points to 595.71
All but three of the 12 TSX subgroups lost ground at the open, gold scaling downward in price 1.1%, utilities, off 1%, and materials, slipping 0.9%.
The three gainers were energy, up 1.5%, consumer staples, inching up 0.2%, and industrials, breaking even by only 0.1%.
ON WALLSTREET
Stocks slipped on Monday as Wall Street struggled to keep the momentum from Friday’s rally.
The Dow Jones Industrials tailed off 83.7 points to 42,269.05.
The S&P 500 index dipped 12.76 points to 5,738.31.
The NASDAQ Composite skidded 60.27 points to 18,077.58.
Earnings season heating up, with results from Delta Air Lines on Thursday, and JPMorgan Chase on Friday.
On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday.
Prices for the 10-year Treasury dropped, making yields soar to 4.03% from Friday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.23 to $75.61 U.S. a barrel.
Gold prices fell five dollars to $2,663.80 U.S. an ounce