Canada's main stock index took its lumps on Monday, due to weakness in resource and health-care issues, ahead of crucial monetary policy decisions in the U.S. and Canada later this week.
The TSX floundered 141.44 points to answer the closing bell Monday at 31,169.97.
The Canadian dollar slumped 0.11 at 72.17 cents U.S.
Among corporate updates, Anglo American said it withdrew a proposal to change executive directors' bonus awards from a shareholder vote on its merger with Teck Resources, after investors raised concerns about the policy.
Teck shareholders are scheduled to vote on the merger on December 9. Teck shares wound up Monday down 93 cents, or 1.5%, to $61.43.
Technology stocks led gains with a 0.8% advance. Heavyweight data-center infrastructure provider Celestica added $23.00, or 5.1% to $465.17, while Blackberry rose 14 cents, or 2.4%, to $6.11.
Industrials was also a boost with defense company Bombardier gaining $3.92, or 1.7%, to $231.92.
On the flipside, the communication services index led declines with Rogers down $1.24, or 2.4%, to $50.63, and BCE dropping 21 cents to 1.3% to $32.38.
Gold and mining shares also came under pressure, tracking metal prices after having led the index to record highs this year.
Among other stocks, Transcontinental shares jumped $3.79, or 18.9%, to $23.80 after agreeing to sell its packaging unit to ProAmpac Holdings, valuing it at $2.22 billion, including debt.
Lithium Americas is set to join S&P/TSX Index, effective December 22. Shares squeezed higher two cents to $7.38.
The Bank of Canada is expected to hold interest rates at 2.25% later this week. The BoC has cut rates by one percentage point since the start of the year, and signaled a halt in rate cuts in October, citing stable inflation.
ON BAYSTREET
The TSX Venture Exchanged dropped 14.75 points, or 1.6%, to 925.01.
All but two of the 12 TSX subgroups were lower, health-care off 2.1%, while gold and materials shares each dulled in price 1.2%.
The two gainers were information technology, ahead 0.6%, and industrials, ahead 0.3%.
ON WALLSTREET
The S&P 500 pulled back on Monday as investors awaited the Federal Reserve’s last meeting of the year later this week.
The Dow Jones Industrials weakened 215.67 points to end Monday at 47,739.32.
The much-broader index dipped 23.89 points to 6,846.51.
The tech-heavy NASDAQ slid 32.22 points to 23,554.90.
During Monday’s session, technology was a strong spot. Broadcom shares jumped 2% and hit a new record high on the heels of The Information reporting that Microsoft is discussing designing custom chips with the chipmaker.
Meanwhile, Confluent shares surged 29% after IBM said that it’s going to acquire the company in an $11-billion deal — which is expected to close by the middle of 2026. Oracle shares increased almost 1% amid investor optimism ahead of the company’s quarterly results on Wednesday.
Stocks received a boost on Friday after the delayed release of September’s core personal consumption expenditures price index came in softer than economists anticipated.
That was one of the last major economic releases ahead of the Fed’s policy gathering taking place this week.
Traders have grown increasingly hopeful over recent weeks that the Fed will lower interest rates at the Federal Open Market Committee meeting, which is the final one of the year.
Fed funds futures are pricing in a roughly 87% chance of a decrease, up from under 67% a month ago
The 10-year Treasury swooned, raising yields to 4.17% from Friday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices slumped $1.29 to $58.79
Gold prices waned $21.90 to $4,221.10.
