Stocks in Canada spent most of Monday in the red, moving doggedly toward the breakeven point, as weakness in health-care stocks towered over gains in energy and utility concerns.
The S&P/TSX Composite Index remained negative 32.97 points – off their lows of the morning -- to close Monday at 15,409.78
The Canadian dollar gained 0.11 cents to 74.21 cents U.S.
Health-care stocks wilted the worst, as Valeant Pharmaceuticals faded 27 cents, or 1.6%, to $16.63, and Aphria Inc. sank 21 cents, or 3.9%, to $5.10.
In the consumer discretionary department, Canadian Tire dropped $1.64, or 1.1%, to $152.15, and Magna International slid 57 cents to $62.03.
Among materials stocks, Agnico Eagle Mines shed $1.11, or 1.7%, to $64.85, and Lundin Mining ducked four cents to $7.15.
Energy provided one of only two areas where there were some gains to be had; Canadian Natural Resources picked up 29 cents to $39.23, and TransCanada Corporation gained 11 cents to $63.45.
Among utilities, Canadian Utilities gained 26 cents to $41.27, while Fortis Inc. heightened 41 cents to $45.43.
Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar, accusing the country of supporting terrorism and opening up the worst rift in years among some of the most powerful states in the Arab world.
ON BAYSTREET
The TSX Venture Exchange moved lower 3.77 points to 797.21
All but two of the 12 TSX subgroups were negative, as health-care swooned 1.4%, while consumer discretionary stocks let go of 0.6%, and materials fell 0.5%
The two gainers were energy, nosing up 0.3%, and utilities, better by 0.2%.
ON WALLSTREET
U.S. equities traded mixed on Monday, holding near record levels, while shares of Apple declined on a rare downgrade.
The Dow Jones Industrials faltered 22.94 points to 21,183.35, with Apple leading decliners and Exxon Mobil outperforming.
The S&P 500 docked 2.97 points to 2,436.10, with utilities leading seven sectors lower and energy the top advancer.
The NASDAQ staggered 10.11 points to 6,295.68, after reaching an all-time intraday high during the morning session.
The S&P tech sector has handily outperformed in 2017, advancing 21.4%. On Monday, the sector rose 0.3%, but a decline in Apple shares capped gains.
On a day light on earnings, Coupa Software and Thor Industries reported.
Apple's stock fell 1.1% after Pacific Crest analyst Andy Hargreaves downgraded the stock to sector weight from overweight. In a
Sunday note, Hargreaves said the stock is not pricing in potential risks, like supply issues with the new iPhone 8.
Investors also kept an eye on Apple's annual developers' conference on Monday, where the company is expected to reveal new products.
In economic news, the IHS Markit U.S. services Purchasing Managers’ Index for May came in at 53.6, up from 53.1 in April, marking "the largest rise in overall activity since February," IHS said in a release.
The May Institute for Supply Management non-manufacturing index, meanwhile, came in at 56.9, just below a consensus estimate of 57.0.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.18% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices slid 29 cents to $47.37 U.S. a barrel
Gold prices gained $1.40 at $1,281.60 U.S. an ounce.
Related Stories
