TSX Scales Back

Health-care takes beating

The S&P/TSX Composite Index dropped 69.48 points to greet noon at 15,459.19

The Canadian dollar lost 0.17 cents to 76.28 cents U.S.

On the economic calendar, Statistics Canada said wholesale sales edged down 0.1% to $63.6 billion in August. Sales were down in four of seven sub-sectors, representing 65% of total wholesale sales.

ON BAYSTREET

The TSX Venture Exchange fell 20.67 points to 661.49

All but three of the 12 subgroups were lower, as health-care plummeted 7.9%, materials, off 0.9%, gold, dipped 0.6%.

The three gainers were information technology, up 2.2%, industrials, picking up 0.5%, and real-estate, up 0.1%.

ON WALLSTREET

Stocks struggled on Monday as investors worried about a deluge of corporate earnings reports coming this week as well as rising geopolitical tensions.

The Dow Jones Industrials trashed 143.25 points to 25,301.09, led by declines in United Technologies and DowDuPont.

The S&P 500 docked 10.07 points to 2,757.71, as energy and financials lagged.

The NASDAQ regrouped 33.09 points to 7,482.11, as Amazon rose 1.2% and Apple picked 0.5%.

Bank of America and Citigroup both fell more than 1.5% J.P. Morgan Chase and Goldman Sachs traded 1.2 percent and 1.1 percent lower, respectively.

The Shanghai Composite rose more than 4% to notch its best day since March 2, 2016. The sharp move higher comes after Chinese authorities pledged to support China's economy and offset the negative impact of U.S. tariffs. They made that pledge after reporting weaker-than-expected economic growth for the second quarter.

Chinese stocks are still down sharply this year despite Monday's jump. The Shanghai Composite has plummeted about 20% in 2018 and is down 21.4% over the past year.

Investors also pored through a slew of corporate earnings on Monday.

Halliburton and off-road vehicle maker Polaris Industries both reported better-than-expected earnings before the bell Monday.

Several other companies are scheduled to report earnings this week, including Dow members 3M, McDonald's, Caterpillar and United Technologies. Amazon and Alphabet are also set to report this week.

The current earnings season is off to a good start thus far. In all, 82% of the S&P 500 companies that have posted earnings have topped expectations.

Prices for the benchmark for the 10-year U.S. Treasury gained a bit, lowering yields to 3.19% from Friday’s 3.2%. Treasury prices and yields move in opposite directions.

Oil prices slid 20 cents at $68.92 U.S. a barrel.

Gold prices dropped $3.90 an ounce to $1,224.80