Equities in Canada’s biggest market opened higher on Monday on gains in financial and industrial shares, but the rise was capped by a fall in heavyweight material shares as copper prices fell on worries about demand in top consumer China.
The TSX Composite seemed to pick up Monday from where it left off Friday, gaining 87.44 points, to start the week at 18,948.39.
The Canadian dollar dropped 0.39 cents to 72.90 cents U.S.
Focus is on the Bank of Canada's policy decision on Wednesday, with traders pricing in a 70.2% chance of a supersized 75-basis-point hike, taking its overnight lending rate to a 14-year high at 4%.
ON BAYSTREET
The TSX Venture Exchange faded 2.87 points, to 590.17.
Seven of the 12 TSX subgroups gained ground, as energy rumbled forward 1%, while consumer discretionary and industrial stocks each tallied 0.9%.
The five laggards were weighed most by health-care, sliding 1.6%, materials, settling 1%, and gold, dulling in price 0.8%.
ON WALLSTREET
U.S. stocks rose as traders tried to add to sharp the gains seen in last week and weighed the latest moves in rates.
The Dow Jones Industrials added another 195.74 points to 31,278.30.
The S&P 500 forged ahead 3.49 points to begin Monday at 3,756.24.
The NASDAQ broke the pattern, losing 95.1 points to 10,764.62.
The moves come after yet another volatile week for stocks as third-quarter earnings season heats up. The major averages had their biggest weekly gains since June, with the Dow advancing 4.9%. The S&P 500 perked 4.7% and NASDAQ rose 5.2%.
A chunk of those gains came Friday, when the Dow rallied more than 700 points, while the S&P 500 and NASDAQ each popped around 2.3%.
Investors will watch for earnings from tech giants such as Apple, Alphabet, Amazon and Microsoft this week.
Wall Street will also be watching for more inflation data, with the October manufacturing and services purchasing managers indexes coming Monday.
Treasury prices sagged, raising yields to 4.25% from Friday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices advanced 14 cents to $85.19 U.S. a barrel.
Gold prices dumped three dollars to $1,653.30 U.S. an ounce.
