Equities in Canada’s largest centre slumped in early trade on Monday, tracking losses in global equities on growing tensions between Russia and Ukraine and ahead of major central bank meetings this week.
The S&P/TSX Composite cratered 426.08 points, or 2.1%, to begin the day and the week at 20,195.31.
The Canadian dollar slumped 0.51 cents at 79.09 cents U.S.
Credit Suisse raised the rating on Boralex to outperform from neutral. The stock gained a dime to $32.42.
CIBC raised the target price on Richelieu Hardware to $55.00 from $49.00. Richelieu shares picked up 92 cents, or 1.9%, to $49.42,
Canaccord Genuity initiated coverage on Vext Science with a speculative buy rating. Vext shares were unchanged at 55 cents.
A convoy of truckers started their march from Vancouver on Sunday to Ottawa protesting the government's COVID-19 vaccine mandate for truckers, which the industry says would create driver shortages and fuel inflation.
ON BAYSTREET
The TSX Venture Exchange wilted 37.1 points, or 4.3%, Monday to 819.52.
All 12 TSX subgroups were lower, with health-care ailing 4.5%, information technology clicking lower 3.5%, and energy, failing 2.8%.
ON WALLSTREET
U.S. stocks fell Monday following the S&P 500's worst week since March 2020, as investors awaited more corporate earnings results and a key policy decision from the Federal Reserve.
The Dow Jones Industrials thundered lower 738.79 points, or 2.2%, to 33,526.58, falling for a seventh straight day.
The S&P 500 sank 116.64 points, or 2.4%, to 4,281.30,
The NASDAQ let go of 423.99 points, or 3.1%, Monday to 13,344.92, falling deeper into correction territory.
Monday’s pullback put the S&P 500 down more than 9% this month, on pace for its worst monthly decline since March 2020 and worst January performance ever.
The Dow was also headed for its biggest one-month loss since March 2020, falling more than 7%. The NASDAQ, meanwhile, has dropped roughly 14% in January and is on pace for its worst month since October 2008 — when it plunged 17.7%.
Investors are anticipating a slew of high-stakes earnings reports from mega-cap tech companies this week. Microsoft fell 2.5%, Apple lost 2.1 and Tesla pulled back 7.6% ahead of the quarterly reports.
Peloton shares rebounded more than 4% following news that activist investor Blackwells is calling for the interactive fitness company to fire CEO John Foley and to seek a buyer.
Investors are eyeing the Fed’s policy meeting, which wraps up on Wednesday. Market participants will be looking for any signals on how much the central bank will raise interest rates this year and when it will start.
The Federal Open Market Committee, which sets interest rates, meets with expectations that it won’t act at this meeting but will tee up the first of multiple rate hikes starting in March. In addition, the Fed is expected to wrap up its monthly asset purchase program that same month.
Prices for 10-year Treasurys leaped, lowering yields to 1.71% from Friday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.52 to $82.62 U.S. a barrel.
Gold prices added 70 cents to $1,833.40 U.S. an ounce.
