Equities in Canada’s largest market fell midday Monday, dragged by lower oil and metal prices, 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 trailed Friday’s close by 43.01 points to reach noon hour EST at 20,409.86.
The Canadian dollar dipped 0.28 cents at 73.85 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 25 cents, or 2.6%, to $29.31, after the fintech company entered into a global payments partnership with Microsoft Corp.
ON BAYSTREET
The TSX Venture Exchange dipped 2.48 points to 543.78.
Seven of the 12 TSX subgroups gained ground by noon, with health-care leading the way, up 2.6%, communications, up 0.8%, and consumer discretionary, ahead 0.5%.
The five laggards were weighed most by gold, dulling in price 2.4%, materials, down 1.9%, and energy, off 1%.
ON WALLSTREET
Stocks slipped on Monday as investors questioned whether the market was getting ahead of itself following five straight winning weeks.
The Dow Jones Industrials flopped 142.5 points at 36,103.
The S&P 500 lost 33.72 points to 4,560.91.
The NASDAQ tumbled 158.96 points, or 1.1%, to 14,146.08.
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.
As stocks stagnated, bitcoin and gold rallied to start the week. Bitcoin passed the $41,000 mark to notch a 19-month high, while gold reached its highest nominal intraday level ever.
Riot Platforms jumped more than 5%, as bitcoin advanced. Coinbase, Marathon Digital and Microstrategy all gained more than 4%.
Alaska Airlines dropped more than 15% 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 nearly 3%.
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 nearly 9% for the year. The tech-heavy Nasdaq Composite has climbed more than 34% in 2023.
Prices for the 10-year Treasury stumbled, raising yields to 4.29% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices gave back 61 cents to $73.46 U.S. a barrel.
Gold prices climbed $47.10 to $2,042,60.
Related Stories
