Canada’s main stock index opened lower on Monday, weighed by health-care and energy stocks, while investors awaited key domestic jobs data and corporate earnings from major lenders due later in the week.
The TSX faltered 57.53 points to open Monday at 25,590,
The Canadian dollar sank 0.36 cents to 71.10 cents U.S.
In corporate news, Condor Gold said it received two non-binding takeover proposals from Calibre Mining and Metals Exploration. Condor shares gained a penny, or 4%, to 13 cents.
Quarterly earnings from big Canadian lenders, including Royal Bank of Canada, National Bank of Canada and Toronto Dominion Bank, will also be in focus later in the week.
On matters macroeconomic, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index remained above the crucial 50.0 no-change mark for a third successive month in November, improving to 52.0, from 51.1 in October, the rate of growth also improved to its highest since February 2023.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 1.94 points to 616.20.
All but three of the 12 TSX subgroups were in the red at Monday’s open, with health-care plunging 1.4%, gold down 1.2%, and materials hesitating 0.8%.
The three gainers proved to be consumer discretionary stocks, up 0.5%, while financials took on 0.4%, and industrials just broke even.
ON WALLSTREET
The S&P 500 ticked higher to a new record to begin December trading as investors looked for stocks to add to big November gains.
The blue-chip index declined 180.13 points to 44,730.52
The broader index nicked ahead 8.54 points to 6,040.92.
The NASDAQ Composite spiked 169.52 points to 19,387.62.
Intel jumped 5% after CEO Pat Gelsinger retired after four years of underperformance at the chipmaker. Shares of Tesla gained 2% following an upgrade to buy from neutral at Roth MKM, with the firm citing as a catalyst Musk’s close relationship with President-elect Donald Trump.
November marked the best month of 2024 for Dow, which gained 7.5% and S&P 500, with the improving 5.7% for the period. Most of the gains came in a post-election rally after President-elect Donald Trump emerged as the winner. Both of the indexes notched closing highs in
Friday’s shortened trading session.
Bitcoin, which traded near $99,000 on Friday following a 38% surge in November, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.
Prices for the 10-year Treasury jumped, lowering yields to 4.24% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices gained 32 cents to $68.32 U.S. a barrel.
Prices for gold slipped $14.60 an ounce to $2,666 U.S.