Canada's main stock index opened lower on Monday, with the energy ?sector leading declines, while a soft U.S. jobs report on ?Friday cut the odds of ?an imminent rate ?hike by the Federal Reserve.
The TSX Composite Index slid 132.77 points to begin Monday and the week at 35,369.88
The Canadian dollar was static to 70.15 cents U.S.
Among company news, Suncor Energy said it had agreed to sell its interests in three offshore oil assets to London-based Ithaca Energy for $1.2 billion in upfront cash.
Cenovus ?Energy said it would acquire Athabasca Oil in a cash-and-stock transaction valuing the oil producer at an implied enterprise value of
$5.7 billion.
ON BAYSTREET
The TSX Venture Exchange faded 5.17 points to 875.40
All but one of the 12 subgroups lost ground, weighed most by gold and materials, each down 1.2%, and energy, off 0.9%.
Only information technology made it into the green, and 2% at that.
ON WALLSTREET
The NASDAQ Composite sailed to a fresh all-time high as traders watched U.S. Treasury yields and global oil prices and digested new U.S. economic data.
The Dow Jones Industrials sank 101.07 points to 51,075.89
The S&P 500 index gained 27.72 points to 7,750.44.
The tech-heavy index bounced 178.56 points to 27,366.46.
The benchmark 10-year Treasury note yield was last up about two basis points to 5.298%, while the 30-year was rose three basis points at 5.659%. Both yields surged to multi-year highs in recent weeks, as traders fretted that inflation would lead the Fed to keep rates higher for longer.
Stocks and bonds moved as traders processed the Institute for Supply Management’s latest report on economic growth in the services sector.
The ISM report showed that the Purchasing Manager’s Index grew 54.9% in September, or roughly in line with expectations. However, that figure came in modestly below the index’s rate of growth for the previous month.
Prices for the 10-year Treasury slipped, bringing yields up to 5.31% from Friday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.45 to $89.66 U.S. a barrel.
Gold prices progressed $6.90 to $4,169.20 U.S. an ounce.
