The days are winding down to the Canada Day holiday, and stocks lost some of their spark Monday, weighed mostly by consumer staples and telecoms.
The TSX Composite Index dropped 156.18 points to move into Monday afternoon at 34,823.82.
The Canadian dollar sank 0.07 cents to 70.41 cents U.S.
Iran and the United States agreed to renew talks amid rising tensions in the Strait of Hormuz, a U.S. official said on Sunday, raising hopes of saving an interim peace deal that has been under pressure from days of tit-for-tat strikes.
Canadian officials are set to meet their Mexican and U.S. counterparts on Wednesday for the first trilateral meeting to review the U.S.-Canada-Mexico trade agreement. The three countries need to approve a renewal of their existing agreement or signal their intent to exit the pact.
Consumer staples weighed the market down Monday, with Empire Company sinking $1.23, or 2.4%, to $50.02, while Metro collapsed $1.99, or 2.1%, to $90.99.
In telecoms, BCE Inc. backtracked 89 cents, or 2.7%, to $31.64, while TELUS subsided 39 cents, or 2.5%, to $15.33.
Gold also lost strength, as Aya Gold & Silver gave up $1.51, or 5.4%, to $26.62, while Novagold handed back 40 cents, or 4.5%, to $8.57.
Health-care stocks tried to balance things out, with Bausch Health Companies acquiring 12 cents, or 1.8%, to $6.90, while Curaleaf took on 24 cents, or 1.7%, to $14.40.
Among financials, Trisura improved $1.44, or 3.4%, to $44.00, while EQB jumped $2.76, or 2.2%, to $131.11.
ON BAYSTREET
The TSX Venture Exchange dipped 4.75 points to 891.09.
All but two of the 12 TSX subgroups were lower, weighed most by consumer staples, down 1.7%, while telecoms wilted 1.6% and gold slumped 1.4%.
The lone gainers were health-care, inching up 0.4%, while financials eked up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average closed above 52,000 for the first time on Monday after Alphabet made its debut in the index, rounding out a broader stock market rally.
The 30-stock index spiked 305.97 points to 52,182.08.
The S&P 500 leaped 86.25 points, or 1.2%, to 7,440.27.
The NASDAQ popped 522.53 points, or 2.1%, to 25,820.14.
Alphabet was one of notable stocks gainers, climbing nearly 5% on its first day trading as a Dow member. Comcast shares, meanwhile, rallied 4% on the day after the company said it would spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.
Shares of Owens Corning were on the rise in midday Monday trading after a Wall Street Journal report that Carlisle Companies made an unsolicited offer to acquire the company.
Owens Corning was surging more than 14% on the news, while shares of the building products maker Carlisle fell more than 5%.
Prices for the 10-year Treasury gained ground, lowering yields to Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices captured $1.22 to $70.45 U.S. a barrel.
Gold prices faltered $67.30 to $4,029 U.S. an ounce.
