Canada's main index fell to a more than one-week low on Monday as renewed Middle East hostilities and worsening trade ties with the U.S. dampened risk appetite, while gains in energy stocks helped cushion some losses.
The TSX tumbled 303.75 points to 36,250.17.
The Canadian dollar subsided 0.29 cents to 71.91 cents U.S.
ON BAYSTREET
The TSX Venture Exchange swooned 14.93 points, or 1.5%, to 989.16. On the week, the index managed to salvage 0.79 points worth of gains or 0.8%.
All but three of the 12 TSX subgroups were in minus country, with gold plummeting 3.2%, while materials chucked 2.7%, and energy slumped 1.1%.
The three gainers were consumer discretionary, better by 0.4%, financials, nicking higher 0.1%, and real-estate issues up 0.04%.
ON WALLSTREET
Stocks fell on Monday after the U.S. and Iran traded fire for the first time in a month, though the major averages were still pacing to close out August with gains.
The Dow Jones Industrials plunged 368.98 points to 53,191.01.
The S&P 500 slumped 33.85 points to 7,677.91.
The NASDAQ Composite weakened 101.51 points to 26,300.91.
The Dow is up more than 1% month to date, putting the index on track for its fifth consecutive monthly advance. The S&P 500 and Nasdaq were headed for their first one-month increases since May, up about 2% and 3%, respectively. Both the S&P 500 and Dow also reached all-time highs earlier in August.
Tech led the charge this month, with artificial intelligence-linked stocks outperforming. The S&P 500 tech sector is up nearly 6% for the month. Nvidia has climbed more than 7%, while Microsoft soared 9% and Micron Technology advanced 14%.
Investors will get more insight into the state of the economy this week, with the August jobs report due Friday morning. Monthly manufacturing and services sector data is also on deck.
On Sunday, U.S. Central Command confirmed to MS NOW that the U.S. struck two rocket launchers on Iran’s Larak Island.
Sunday’s attack was the first publicly acknowledged U.S. strike on Iranian positions since late July, with Iranian state media reporting that
Tehran had attacked U.S. bases in Jordan in retaliation.
Prices for the 10-year Treasury were down, raising yields to 4.76% from Friday’s 4.73%. Treasury prices and yields move in opposite directions.
Oil prices vaulted $2.21 to $85.61 U.S. a barrel.
Gold prices flopped $57.70 to $4,472.20 U.S. an ounce.
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