Canada's main stock index moved lower on Monday as lack of progress in U.S.-Iran peace talks dampened risk appetite, while Canadian energy producer ?ARC Resources' shares jumped after Britain's Shell agreed to a $16.4-billion deal.
The TSX Composite Index crumbled 127.89 points to reach midday at 33,776.22.
The S&P 500 was relatively unchanged on Monday as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher, keeping geopolitical tensions front and center heading into a pivotal week.
The Canadian dollar eked up 0.3 cents at 73.44 cents U.S.
Work has not halted to bridge gaps between the U.S. and Iran, sources from mediator Pakistan said, despite failure of face-to-face diplomacy after President Donald Trump called off his envoys' trip and said Iran should call when it wants a deal.
Shares of miners weighed the most ?on the index. B2Gold fell 60 cents, or 8.8%, to $6.18, while Avino Silver and Gold Mines docked 35 cents, or 3.7%, to $9.12, Pan American Silver Corp stumbled $2.03, or 2.7%, to $74.42, and Kinross Gold ?fell $1.23, or 2.8%, to $43.56, tracking lower gold and silver prices.
ARC, for its part, rocketed $5.49, or 21.3%, to $31.27.
ON BAYSTREET
The TSX Venture Exchange dumped 5.35 points to 1,005.65.
Eight of the 12 TSX subgroups were lower by noon EDT, weighed most by gold stock, dulling 2.3%, while materials lost 1.6%, and consumer discretionary stocks, were off 1.3%.
The four gainers were led by energy, up 1.8%, real-estate, ahead 0.3%, and industrials, better by only 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average dished off 61.14 points to 49,169.59.
The much broader index shed 3.69 points to 7,161.35.
The NASDAQ faltered 43.09 points to 24,796.32.
U.S. President Donald Trump on Saturday scrapped plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, noting the negotiations could happen by phone.
“Too much time wasted on traveling, too much work!” the president wrote in a post on Truth Social. “Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Iran’s Foreign Ministry spokesperson Esmaeil Baqaei said no meeting between Tehran and Washington is currently planned.
Qualcomm changed direction and gained 30 cents to $149.15, after TF International Securities analyst Ming-Chi Kuo said in a post on X that OpenAI is working with Qualcomm to develop smartphone processors.
Prices for the 10-year Treasury turned lower, eking yields up to 4.33% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices increased $1.98 to $96.38 U.S. a barrel.
Gold prices slid $52.50 to $4,688.40 U.S. an ounce.
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