Canada's commodity-heavy stock index was little changed on Monday, as investors weighed new U.S. tariffs on Canadian goods and awaited details on Washington's threatened sanctions against Iran.
The TSX dipped 55.73 points by noon EDT at 36,564.50.
The Canadian dollar faded 0.25 cents to 72.25 cents U.S.
I-80 Gold Corp gathered 12 cents, or 4.8%, to $2.61, Seabridge Gold jumped $3.13, or 7.5%, to $44.64, and NovaGold Resources, picking up a dollar, or 8.3%, to $13.02.
The U.S. imposed 50% tariffs on some Canadian goods on Saturday after the two longstanding allies failed to secure a trade agreement, with both sides blaming each other for the collapse of talks.
The new duties add to existing U.S. tariffs on steel, lumber and autos which have taken major hit in the last 18 months. According to trade experts, the tariffs open up some already vulnerable sectors to potential severe damage and could lead to job losses and business closures.
Prime Minister Mark Carney said he had suspended trade negotiations and Canada would retaliate "dollar for dollar" on the new tariffs.
ON BAYSTREET
The TSX Venture Exchange slipped 55.73 points to 984.80.
Seven of the 12 TSX subgroups were ahead, with consumer staples up 0.9%, telecoms better by 0.8%, and financials richer 0.4%.
The five laggards were weighed most by industrials and energy stocks, off 1.3%, and consumer discretionary issues, falling 1%.
ON WALLSTREET
The S&P 500 fell slightly on Monday as a drop in key technology stocks overshadowed a move lower in Treasury yields.
The Dow Jones Industrials zoomed 176.52 points to reach noon at 53,453.53.
The much-broader index flopped 9.76 points to 7,664.61.
The NASDAQ Composite sank 101.89 points to 26,078.57.
Declines in chip stocks weighed on the broader market. Micron Technology shed more than 5%, while Advanced Micro Devices dipped 2% and Broadcom pulled back 1%.
Other tech stocks fell as well. Coherent and Lumentum dropped almost 5%, while Sandisk dropped 7%. Corning moved down 3%, while Seagate Technology declined 5%.
Treasury yields moved lower after reports that the Treasury may use the General Account to fund a buyback operation. The 10-year Treasury note yield fell 3 basis points to 4.708%. The yield on the 30-year Treasury bond, which topped 5.3% last week to reach levels not seen in nearly 20 years, shed more than three basis points to 5.237%.
The report comes after Treasury Secretary Scott Bessent told the media last week that the Treasury Department’s plans to at least double the level of government debt buybacks in the next few months could be larger than the $4 billion that was announced earlier that week.
Prices for the 10-year Treasury strengthened, lowering yields to 4.69% from Friday’s 4.73%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.30 to $84.76 U.S. a barrel.
Gold prices spiked $30.80 to $4,711.40 U.S. an ounce.
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