Equities in Canada’s largest market reversed directions and dipped sharply by noon on Monday as losses in the technology sector offset shares of energy companies which rose in tandem with the price of oil.
The S&P/TSX Composite Index let go of 70.4 points to greet noon at 15,402.81, after bolting up more than 100 points in the first hour.
The Canadian dollar climbed 0.36 cents to 74.36 cents U.S.
Encana rose 1.2% to $12.78, while Cenovus Energy advanced 1.9% to $11.31.
But the tech sector faded as CGI Group tumbled 1.7% to $65.99.
In the gold sector, Barrick Gold slipped 0.5% to $21.85, while Eldorado Gold lost 5.4% to $3.68.
Shares of Bombardier were up 2.3% at $2.43, recovering from a decline on Friday, when the U.S. International Trade Commission gave a green light to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against Bombardier's new jets.
ON BAYSTREET
The TSX Venture Exchange dropped 0.79 points to 790.41
Eight of the 12 TSX subgroups were lower by noon, as information technology plunged 1.8%, financials hesitated 0.8%, and utilities lost 0.5%.
The four gainers were led by health-care stocks, stronger by 0.8%, telecoms, up 0.6%, and industrials, inching up 0.2%.
ON WALLSTREET
U.S. stocks traded lower on Monday amid renewed pressure on technology stocks.
The Dow Jones Industrials were down 68.51 points at 21,203.46, with Apple contributing the most losses.
The S&P 500 subtracted 7.27 points to 2,424.50, with information technology dropping 1.1% to lead decliners.
The NASDAQ came off its lows of the morning, but remained in negative country 44.11 points to 6,163.81, with shares of Apple falling after Mizuho Securities downgraded the stock to neutral from buy. One Analyst said the best-case scenario is priced into the shares.
Other big tech stocks followed Apple lower, with Amazon, Alphabet, Netflix and Facebook all declining.
In corporate news, General Electric CEO Jeff Immelt will be stepping down and John Flannery, current president and CEO of GE Healthcare, will take over as chief executive in August. The announcement sent GE shares more than 3% higher.
Investors also looked ahead to a key Federal Reserve meeting, where the U.S. central bank is widely expected to raise interest rates. Experts put market expectations for a rate hike at 95.8% Monday.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.2% from Friday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices took on 61 cents to $46.44 U.S. a barrel
Gold prices slumped three dollars at $1,268.40 U.S. an ounce.
