Canada's resources-heavy main stock index doggedly gained on Monday, boosted by consumer stocks, while investors awaited the Bank of Canada's (BoC) interest rate decision and a bunch of U.S. data due later this week.
The TSX Composite picked up 18.26 points to begin Monday at 20,471.13.
The Canadian dollar dipped 0.21 cents at 73.92 cents U.S.
The BoC is widely expected to hold its interest rate steady on Wednesday amid growing expectations that the Canadian central bank is likely done with the hikes after the latest data showed the country's inflation eased more than expected.
Nuvei Corp gained $1.19, or 4.2%, to $29.75, after the fintech company entered into a global payment partnership with Microsoft Corp.
ON BAYSTREET
The TSX Venture Exchange forged ahead 0.65 points to 546.91.
Eight of the 12 TSX subgroups gained to begin the day and the week, led by consumer discretionary stocks, up 0.7%, while communications and consumer staples each advanced 0.6%.
The four laggards were weighed most by gold, down 1.5%, materials, sliding 0.9%, and energy, off 0.6%.
ON WALLSTREET
The NASDAQ Composite slipped on Monday as investors questioned whether the market was getting ahead of itself following five straight winning weeks for stocks.
The Dow Jones Industrials ditched 109.83 points at 36,133.57.
The S&P 500 lost 32.38 points to 4,592.25.
The NASDAQ tumbled 161.57 points, or 1.1%, to 14,143.46, as investors sold Big Tech shares, which have led the market’s gains this year.
The broad S&P 500 posted its highest close since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow posted its first five-week win streak since 2021 last week and is up more than 9% for the year. The tech-heavy NASDAQ Composite has popped 37% in 2023.
November was the best month for the 30-stock Dow since October 2022. The S&P 500 and NASDAQ Composite both enjoyed their biggest monthly gains since July 2022.
Marathon Digital and Riot Platforms jumped more than 11% and 13%, respectively, as bitcoin advanced. Coinbase and Microstrategy both gained more than 8%.
Alaska Airlines dropped more than 17% after it agreed to acquire rival Hawaiian Airlines for $1.9 billion. The move is part of Alaska’s efforts to expand along the West Coast.
Monday’s moves mark a pullback following a strong period in the market. Technology shares struggled in the session, with Nvidia, Alphabet and Meta all sliding about 2%.
Prices for the 10-year Treasury lost ground, raising yields to 4.25% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices descended $1.37 to $72.70 U.S. a barrel.
Gold prices climbed $18.50 to $2,071.20.
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