Equities in Canada’s largest centre took a late-day bruising Monday, mostly the result of tech and health-care weakness.
The S&P/TSX Composite went south 134.26 points to wind up Monday to 21,420.77.
The Canadian dollar slid 0.30 cents at 78.71 cents U.S.
Tech issues placed the biggest burden on the market, as Docebo sank $7.04, or 7.2%, to $90.35, while HUT 8 Mining lost 75 cents, or 4.5%, to $15.96.
In the health-care sector, OrganiGram Holdings docked 13 cents, or 5.1%, to $2.40, while Aurora Cannabis fell 37 cents, or 4.2%, to $8.50.
Gold was also in the minus column, with Alamos Gold down 26 cents, or 2.5%, to $10.22, while Equinox Gold stepped back 34 cents, or 3.4%, to $9.79.
Energy concerns tried to even things out, with Crescent Point Energy up 24 cents, or 4.3%, to $5.80, and Enerplus picking up 43 cents, or 3.6%, to $12.51.
In financials, ONEX Corp. grabbed $2.14, or 2.3%, to $95.76, while Equinox Gold obtained $1.25, or 1.6%, to $81.58.
In communications, Rogers improved 49 cents to $59.32, while BCE triumphed 18 cents to $64.90.
Canadians crossing into the United States for fuel and other essential supplies will be exempt from having to show a negative COVID-19 test result on their return, as Ottawa seeks to help flood-hit residents in British Columbia, a federal official said on Sunday.
ON BAYSTREET
The TSX Venture Exchange swooned 26.97 points, or 2.7%, to 966.36.
Eight of the 12 TSX subgroups were down on the day, with information technology staggering 2.3%, health-care, off 2%, and gold, down 1.2%.
The four gainers were led by energy, ahead 1%, financials, better by 0.6%, and communications, nicking up 0.2%.
ON WALLSTREET
Equities south of the border began a holiday-shortened week Monday crawling back from spectacular initial highs, in the wake of U.S. President Joe Biden’s re-nomination of Jerome Powell to head the Federal Reserve.
The Dow Jones Industrials hesitated from its triple-digit highs of the day, before making do with a gain of 17.27 points to 35,619.25.
The S&P 500 index turned into the red 15.02 points to 4,682.94, backing off from an intraday record. The NASDAQ Composite cratered 202.68 points, or 1.3%, to 15,854.76.
Powell, a former private equity executive, slashed interest rates to near zero and implemented emergency asset purchases in March 2020 to help backstop the market during the first wave of the COVID-19 pandemic, helping the financial system to remain operational during a sharp slowdown in economic activity.
He also led a landmark re-evaluation of the Fed’s inflation targeting framework during the COVID crisis.
Bank stocks and Treasury yields moved higher after the White House announced the Fed decision. Shares of JPMorgan rose 2.7% while Morgan Stanley rose more than 3%. The move higher in rates appeared to take a bite out of some tech stocks, whose future earnings are less attractive to investors when yields are higher.
Elsewhere, Tesla shares rallied, gaining more than 4% after CEO Elon Musk said the electric vehicle maker’s Model S Plaid could be launched in China by the spring of 2022.
Moderna shares continued their upward momentum, rising 4.8% in early trading after the Food and Drug Adminisration last week cleared the company’s booster shot for all U.S. adults.
On the downside, Activision Blizzard dropped 2.1% following reports that CEO Bobby Kotick said he would consider resigning if he can’t fix the company’s culture. That news came following reports that Kotick was aware of sexual misconduct within the organization. The NASDAQ was hurt by declines in Netflix and Etsy.
U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.
Prices for 10-year Treasurys plunged, raising yields to 1.63% from Friday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices regained 41 cents to $76.35 U.S. a barrel.
Gold prices plummeted $45.80 to $1,817.10 U.S. an ounce.
