Canada's main stock index fell to a four-month low on Monday, pressured by a drop in financial and industrial shares as a selloff in global markets weighed on investor sentiment.
The S&P/TSX Composite Index sank 104.76 points to open Monday and the week at 15,501.27, making for a drop of nearly 700 points since New Year’s Eve.
The Canadian dollar retreated 0.39 cents to 80.09 cents U.S.
RBC cut the target price on Aimia Inc. to $3.00 from $4.00. Aimia shares collected five cents, or 2.2%, to $2.36.
Barclays raised the price target on Canada Goose Holdings to $49.00 from $36.00. Goose shares gained $1.31, or 2.5%, to $45.81.
The TSX Venture Exchange dipped 15.28 points, or 1.9%, Monday to 796.40
All but two of the 12 TSX subgroups began Monday in the red, as health-care weakened 1.1%, while financials and energy stocks each moved lower 1%.
Materials gained 0.4%, while gold eked higher 0.01%.
U.S. stocks bounced back from their session lows on Monday as tech shares mounted a comeback.
The Dow Jones Industrial dipped 29.77 points, at Monday’s open to 25,491.19
The S&P 500 fell but 1.05 points to 2,761.08, with financials and energy as the worst-performing sectors. Tech helped lift the index off its lows, trading 0.7% higher.
The NASDAQ shook off its weekend hangover and actually gained 32.67 points to 7,274.75
The major indexes also capped off their worst weekly performance in two years on Friday following a steep selloff. The Dow and S&P 500 pulled back 4.1% and 3.9% respectively, last week. The NASDAQ lost 3.5%
Stocks began the New Year ripping higher. The Dow and S&P 500 had their best monthly gains since March 2016 last month. The NASDAQ posted its biggest one-month gain since October 2015 in January. The major indexes had also notched record highs.
Prices for the benchmark 10-year Treasury note fell slightly, raising yields to 2.86% from Friday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices sank 85 cents a barrel to $64.60 U.S.
Gold prices were unchanged at $1,337.30 U.S. an ounce.