It was a negative closing bell for stocks in Toronto Monday, as tech stocks took a bit of a shiner, mimicking the losses of their cousins across the border.
The S&P/TSX Composite Index slipped 89.41 points to close Monday at 15,383.80, after bolting up more than 100 points during morning trade.
The Canadian dollar climbed 1.03 cents to 75.05 cents U.S.
The worst culprits were in information technology, where BlackBerry shed 74 cents, or nearly 5%, to $14.11, and Shopify fell $4.39, or 3.6%, to $118.41.
Gold stocks also fared poorly, as Kinross Gold fell seven cents, or 1.2%, to $5.75, and Barrick Gold lost four cents to $21.92.
Financial stocks also moved lower as Royal Bank of Canada dropped $1.17, or 1.2%, to $94.11, while Scotiabank retreated 87 cents, or 1.1%, to $77.70.
Gains by health-care stocks overrode some of the losses of their brethren, as Aphria Inc. picked up 27 cents, or 5.2%, to $5.49, while Canopy Growth Corporation improved 19 cents, or 2.4%., to $8.03.
Among telecoms, TELUS nicked up one cent to $44.75.
Industrials were only slightly into daylight Monday, but Bombardier soared 7.5 cents, or 3.2%, to $2.45.
ON BAYSTREET
The TSX Venture Exchange plunged 5.4 points to 785.80
All but three of the 12 TSX subgroups were lower on the day, as information technology plunged 2%, and financials and gold each hesitated 0.8%.
The three gainers proved to be health-care stocks, stronger by 0.4%, telecoms, up 0.2%, and industrials, inching up 0.1%.
ON WALLSTREET
U.S. stocks closed lower on Monday amid renewed pressure on technology stocks.
The Dow Jones Industrials were down 36.3 points at 21,235.67, with Apple contributing the most losses.
The S&P 500 subtracted 2.38 points to 2,429.39, with information technology dropping 0.8% to lead decliners.
The NASDAQ came off its lows of the morning, but remained in negative country 32.45 points to 6,175.46, posting its biggest two-day slide since December. Shares of Apple fell after Mizuho Securities downgraded the stock to neutral from buy. One Mizuho 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 3.5% 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 fell, raising yields back to Friday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices took on 22 cents to $46.05 U.S. a barrel
Gold prices slumped $3.70 at $1,267.70 U.S. an ounce.
