Canada's commodity-heavy main stock index opened higher on Monday, led by gains in mining shares, as investors weighed concerns over a possible U.S. government shutdown.
The TSX Composite Index began the week with a bang, racing 158.41 points to 29,919.69.
The Canadian dollar recovered 0.02 cents to 71.76 cents U.S.
ON BAYSTREET
The TSX Venture Exchange added 14.24 points, or 1.5%, to 948.19
All but three of the 12 subgroups were positive in the first hour, health-care towered 4.6%, while materials hiked 1.6%, and gold rushed 1.4%.
The three laggards were energy, sliding 1.5%, consumer discretionary, off 0.1%, and real-estate, easing back 0.01%.
ON BAYSTREET
The TSX Venture Exchange added 14.24 points, or 1.5%, Monday to 948.19.
All but three of the 12 subgroups were higher, led by health-care, soaring 4.6%, materials, up 1.9%, and gold, better by 1.4%.
The three laggards were energy, sagging 1.5%, consumer discretionary, fading 0.1%, and real-estate, off 0.01%.
ON WALLSTREET
Investors were focused on the rising risk of a partial U.S. government shutdown as congressional Democrats and Republicans reached an impasse over how to continue funding the federal government.
A shutdown could affect financial markets by limiting the operations of financial regulators and delaying the publication of key economic data.
The Dow Jones Industrial Index deducted 26.13 points to 46,221.16
The much-broader index recovered 29.35 points to 6,672.95
The tech-heavy NASDAQ climbed 189.25 points to 22,673.42.
AI chip darling Nvidia rose after skepticism around the AI trade put pressure on the broader stock market last week. Some traders even questioned whether there was enough energy to power an infrastructure plan between Nvidia and OpenAI. Nvidia was last higher by 2%.
Other AI stocks like Advanced Micro Devices and Micron Technology surged 2% and 4%, respectively.
Meanwhile, shares of Electronic Arts jumped 4% after the video game company announced that it’s going to be taken private in a $55-billion deal.
U.S. M&A announced has surpassed $1 trillion year-to-date so far this year, up 29% from the same time a year ago, according to Goldman Sachs.
U.S. stocks slipped last week as cracks appeared in a key pillar of the bull market rally — enthusiasm surrounding artificial intelligence buildout. The S&P 500 saw its worst weekly performance since Aug. 1. The NASDAQ also recorded its weakest week since early August, and the Dow posted first loss in three weeks.
Prices for the 10-year Treasury gained ground, thus lowering yields to 4.15% from Friday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices shed $2.10 to $63.62 U.S. a barrel.
Gold prices hiked $46.00 to $3,855.00 U.S. an ounce.
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