Canada's main stock index hit a record high on Monday as energy stocks rose on higher oil prices, but expectations that the Bank of Canada could strike a hawkish note in its upcoming policy announcement kept gains in check.
The TSX Composite hiked 78.15 points to move into noon hour EDT at 21,294.30.
The Canadian dollar added 0.03 cents to 80.85 cents U.S.
Restaurant Brands International fell 2.4% after missing quarterly revenue estimates as Burger King and Tim Hortons struggled with a staffing crunch and the Delta variant keeping coffee-loving office workers at home.
Restaurant Brands shares doffed $2.66, or 3.5%, to $73.93.
ON BAYSTREET
The TSX Venture Exchange solidified 13.53 points, or 1.4%, to 962.37
All but three of the 12 TSX subgroups were gainers, as energy pumped 2.6% higher, materials muscled up 1.7%, and gold brightened 1.6%.
The three laggards were communications, down 1.7%, consumer discretionary stocks, off 0.5%, and financials, sliding 0.1%.
ON WALLSTREET
U.S. stocks churned between gains and losses on Monday morning as investors prepared for a major week of earnings from heavyweight tech companies.
The Dow Jones Industrials gained 40.17 points to 35,717.19.
The S&P 500 marched ahead 14.01 points to 4,558.91.
The NASDAQ Composite sprinted 78.07 points to 15.168.27, buoyed by Tesla.
Some of the biggest technology companies are slated to report earnings this week, including Facebook, Alphabet, Microsoft, Amazon and Apple. A third of the Dow companies also is set to release quarterly results this week, including Caterpillar, Coca-Cola, Boeing and McDonald’s.
Dow-components Apple and Microsoft moved lower in midday trading. Shares of Facebook were under pressure after the release of more whistleblower documents.
Shares of Tesla, which reported record revenue and profits last week, gained more than 4% after Morgan Stanley hiked its price target on the shares to $1,200 from $900. Rental car company Hertz also announced that it would order 100,000 Tesla vehicles.
Energy stocks opened higher as West Texas Intermediate crude futures touched $85 per barrel. Shares of Exxon Mobil and Diamondback Energy rose more than 1%.
Of the 117 companies in the S&P 500 that have reported earnings to date, 84% posted numbers that beat expectations. S&P 500 companies are expected to grow profit by about 35% in the third quarter.
Prices for 10-year Treasurys regained ground, lowering yields to 1.63% from Friday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices hiked 81 cents to $84.57 U.S. a barrel.
Gold prices hurtled higher $13.30 to $1,809.60 U.S. an ounce.
