Canada's main stock index opened lower on Monday, with ?miners leading ?losses, as surging oil prices ?revived inflation ?worries ahead of ?key Canadian ?and US ?economic ?data ?this week.
The TSX folded 259.8 points to open Monday at 35,541.09.
The Canadian dollar swooned 0.05 cents to 70.60 cents.
Brent crude futures gained nearly 4% to about $108.25 a barrel after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz
In company news, International Petroleum repurchased 148,500 shares last week under its normal course issuer bid, continuing its share buyback program.
IPCO shares gathered 37 cents, or 1.1%, to $34.98.
ON BAYSTREET
The TSX Venture Exchange gave back 19.46 points, or 2.1%, to 901.55.
Eight of the 12 subgroups were lower soon after the open, gold falling 4.3%, materials subsided 3.3%, and information technology, off 1.8%.
The four gainers were led by energy, progressing 1.1%, utilities, better by 0.2%, and consumer staples, inching up 0.1%.
ON WALLSTREET
Stocks fell Monday, weighed down by a jump in oil prices and Treasury yields to start the week.
The Dow Jones Industrials dumped 231.09 points to 51,587.53
The S&P 500 index moved lower 49.31 points to 7,695.10.
The NASDAQ Composite lost 243.5 points to 26,925.22.
Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.
Several AI stocks led the major indexes lower on Monday. Chip stocks such as Advanced Micro Devices and Micron Technology traded down about 3% and 2% on the day, respectively. Amazon also edged down 1%, while Microsoft dipped 2% over the same period. Meta shed nearly 4%.
However, Nvidia bucked the trend in hyperscaler and other AI stocks. The stock popped more than 3% after the company announced on Monday it plans to buy back an additional $150 billion worth of its shares, bringing the total value of its share repurchasing program to $235 billion.
Wall Street is coming off a winning week after tech and tech-linked names outperformed. Meta Platforms rallied nearly 13% in that time, as traders cheered the company’s Muse artificial intelligence agent. Microsoft climbed more than 4%, while Apple and Nvidia advanced more than 1% each.
Rates will be in focus again this week, with a slew of key economic data on deck. The August personal consumption expenditure price index, the Fed’s preferred inflation gauge, is due out Wednesday. New U.S. manufacturing numbers are due Thursday, while the closely watched September jobs report is set for release Friday.
Prices for the 10-year Treasury regained lost ground, spiking yields to 5.25% from Friday’s 5.16%. Treasury prices and yields move in opposite directions.
Oil prices ditched $1.76 to $94.17 U.S. a barrel.
Gold prices were clobbered $146.80 to $4,175.90 U.S. an ounce.
