Canada's main stock index opened slightly higher on Monday, led by gains in energy and technology stocks, ahead of key interest rate decisions from major central banks this week.
The TSX Composite stumbled 23.17 points to open Monday and the week at 19,923.90.
The Canadian dollar gained 0.4 cents at 73.26 cents U.S.
TC Energy said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shares lost 21 cents to $57.53.
On the research front, TD Securities cut rating for Roots Corporation to "hold" from "buy". Roots shares dipped five cents, or 1.9%, to $2.53.
The latest U.S. inflation reading will be the final pit-stop before the Fed's interest rate decision on Wednesday, where the central bank is expected to deliver a half-percentage-point rate hike.
The European Central Bank and the Bank of England are also expected to raise rates by 50 basis points this week.
ON BAYSTREET
The TSX Venture Exchange gained 1.33 points to 576.29.
All but three of the 12 subgroups were lower, as gold faltered 1.3%, health-care slid 1.1%, and materials were off 0.8%.
The three gainers were energy, surging 2%, information technology, better by 1.1%, and industrials, eking up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average rose Monday as traders looked ahead to a highly anticipated Federal Reserve meeting and new inflation data.
The 30-stock index hiked 188.69 points to 33,665.15
The S&P 500 regained 8.33 points to 3,942.71
The NASDAQ Composite Index retreated 5.34 points to 10,999.28
Coupa Software and Horizon Therapeutics were among biggest movers on Monday after the companies announced they’ve agreed to be bought. Meanwhile, Cheesecake Factory shares dipped following a downgrade by Goldman Sachs.
The moves come as investors remain focused on inflation. Specifically, the November consumer price index will be released Tuesday, and traders will be looking for a sign that inflation is slowing.
The Federal Reserve has a two-day meeting starting the same day. The central bank is expected to announce another rate hike on Wednesday, though traders are anticipating a smaller move than in recent months.
Prices for the 10-year Treasury gained ground, lowering yields to 3.57% from Friday’s 3.59%. Treasury prices and yields move in opposite directions.
Oil prices picked up $2.80 to $73.82 U.S. a barrel.
Gold prices lost $15.00 to $1,795.70 U.S. an ounce.
