Stocks Drag to Start Week
The TSX Composite slid 29.65 points to begin a new week at 19,795.20.
The Canadian dollar handed over 0.05 cents at 73.15 cents U.S.
In the economic docket, Western University’s IVEY School reported its PMI measured 53.4 in October, compared to 53.1 in September and 52.8 in October 2022.
ON BAYSTREET
The TSX Venture Exchange lost 2.42 points, or 1%, to 522.83.
All but three of the 12 TSX subgroups began Monday negative, with real-estate down 0.8%, while health-care and gold each slid 0.6%.
The three gainers proved to be consumer staples, up 0.5%, while energy eked up 0.1%, and communications cleared breakeven but 0.01%.
ON WALLSTREET
The S&P 500 hovered near the flatline on Monday as Wall Street struggled to maintain its momentum from last week’s strong performance.
The Dow Jones Industrials collected 16.18 points to 34,077.50.
The S&P 500 index gained 4.82 points to 4,363.16.
The NASDAQ hiked 32.26 points to 13,510.54.
Nvidia shares rose more than 1% boosted by optimism for Bank of America ahead of its earnings report. Tesla rose 1% following a Reuters report that the company plans to build electric vehicles at its Berlin factory that will sell for 25,000 euros.
All the major averages are coming off their best weeks of the year, kicking off November trading on a positive note. The Dow ended last week up by 5.1% for its biggest weekly advance since October 2022. The S&P advanced 5.9% in that time, and the NASDAQ jumped 6.6%. It was the best week since November 2022 for both indexes. A soft monthly jobs report also drove bond yields lower, giving a boost to equities.
Earnings season is winding down, with more than 400 S&P companies having already reported quarterly financial results. Investors this week await updates from Walt Disney, Wynn and MGM Resorts, Occidental Petroleum and D.R. Horton.
Prices for the 10-year Treasury swooned, raising yields to 4.65% from Friday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.25 to $81.76 U.S. a barrel.
Gold prices skidded $7.70 to $1,991.50.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
