Canada’s main stock index rose on Monday as consumer staples and health-care sectors led a broader rally, with energy shares limiting gains, while investors awaited crucial corporate earnings and economic data due this week.
The TSX climbed 104.51 points to reach midday at 24,568.18.
The Canadian dollar faded 0.04 cents to 71.92 cents U.S.
The U.S. presidential election has entered its final stretch and market bets have been favoring a second Donald Trump administration in recent weeks.
In corporate news, forest products company Canfor reported its third-quarter results on Friday. Canfor tailed off in the first hour 65 cents, or 3.6%, to $17.25.
Investors will also monitor results from Canadian Natural Resources, whose shares started Monday slid $1.56, or 3.2%, to $47.84, and Enbridge, falling nine cents to $56.84.
ON BAYSTREET
The TSX Venture Exchange handed back 2.36 points to 617.55.
All but one of the 12 TSX subgroups were in the green by noon hour, with consumer staples building 1.8%, while financials and information technology each jumping 0.9%.
Only energy failed, dropping 2.3%.
ON WALLSTREET
Stocks jumped Monday as investors looked for a batch of megacap technology earnings to keep driving the NASDAQ to new heights this week.
A cooling geopolitical situation also aided risk sentiment.
The Dow Jones Industrials restored 275.94 points to pause for noon hour EDT at 42,389.75
The S&P 500 recovered 22.14 points to 5,830.26.
The NASDAQ grabbed 89.51 points to 18,610.06.
This week will also mark the busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. presidential election. Five of the Magnificent Seven companies — Alphabet, Microsoft, Meta Platforms, Amazon and Apple — are scheduled to report third-quarter earnings. Shares of Apple rose 0.6% on Monday, while Alphabet climbed 1%.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared, and oil futures sold off on the day. U.S. crude prices were down 6%, along with international benchmark Brent.
Traders are also watching for a slew of key economic data this week, including the September jobs report due Friday; the September personal consumption expenditures, or PCE, price index, expected Thursday; and a preliminary reading on third-quarter gross domestic product out on Wednesday.
Prices for the 10-year Treasury were lower Monday, hiking yields to 4.28% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices slumped $1.14 to $67.64 U.S. a barrel.
Prices for gold fell $1.90 an ounce to $2.752.70 U.S.