Canada's main stock index opened marginally higher on Monday, boosted by technology shares, as investors awaited a first-quarter earnings update from Canadian National Railway later in the day.
The TSX gained 14.85 points to open Monday at 19,117.18.
The Canadian dollar gained 0.48 cents to 80.56 cents U.S.
North America's freight rail customers, from grain shippers to logistics companies, are pushing for Canadian Pacific Railway to win a bidding war for Kansas City Southern over rival Canadian National Railway, eyeing stronger competition and swifter service.
CP shares added $1.33 to $463.27.
Credit Suisse cut the rating on Gibson Energy to underperform from neutral. Gibson shares fell 22 cents, or 1.1%, to $20.79.
CIBC initiated coverage on Well Health Technologies with an outperform rating and a $9 price target. Well Health shares galloped 47 cents, or 6.8%, to $7.42.
CIBC raised the target price on AltaGas to $26.00 from $25.00. AltaGas picked up 32 cents, or 1.5%, to $21.89.
ON BAYSTREET
The TSX Venture Exchange took on 8.7 points in the first hour to 939.33,
Even so, all but three of the 12 TSX subgroups were lower, weighed mostly by consumer staples and utilities, shedding 0.8% each, while gold dipped 0.5%.
The three gainers were energy, up 0.3%, while financials and materials each strengthened 0.2%.
ON WALLSTREET
U.S. stocks traded slightly higher on Monday as investors geared up for one of the busiest weeks of the first-quarter earnings season.
The Dow Jones Industrials gained 28.23 to 34,071.72.
The S&P 500 inched up 8.89 points to 4,189.06.
The NASDAQ Composite picked up 55.39 points to 14,016.81.
Tesla shares climbed about 1% ahead of the electric carmaker’s earnings report after the bell Monday.
Investors are due for a busy week ahead between a Federal Reserve meeting, the debut of President Joe Biden’s “American Families Plan,” more inflation data and a torrent of corporate earnings reports.
About a third of the S&P 500 this week is set to update investors on how their businesses fared during the three months ended March 31.
Some of the largest tech companies in the world are scheduled to report results this week, including Apple, Microsoft, Amazon and Alphabet.
With the global economy gradually reopening, firms like Boeing, Ford and Caterpillar are expected to note cost pressures they are facing from rising materials and transportation prices.
Corporations have for the most part managed to beat Wall Street’s forecasts thus far into earnings season. With 25% of the companies in the S&P 500 reporting first-quarter results, 84% have reported a positive per-share earnings surprise and 77% have topped revenue estimates.
Data out Monday showed new orders for capital goods rebounded less than expected in March. The Commerce Department said orders for non-defense capital goods excluding aircraft rose 0.9% last month, missing Dow Jones estimates of a 2.2% increase.
Prices for 10-Year Treasurys were static, keeping yields at Friday’s 1.56%.
Oil prices sank 69 cents to $61.45 U.S. a barrel.
Gold prices gained $1.30 to $1,779.10 U.S. an ounce.
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