Equities in Canada’s largest centre added to last weeks losses, echoing weak sentiment on Wall Street, after Federal Reserve Chair Jerome Powell said U.S. monetary policy will need to be tight "for some time" before inflation is under control.
The TSX was off 68.61 points, or 0.345% at 19,804.68.
In corporate news, Constellation Software Inc. has signed a deal to buy NexJ Systems Inc., a customer management software company for the financial services industry, for about $12 million.
Under the deal, Constellation subsidiary N. Harris Computer Corp. will pay 55 cents per share for the company.
The Canadian dollar edged up 0.024 cents to 76.80 cents U.S.
ON BAYSTREET
The TSX Venture Exchange handed back 3.25 points, or 0.503%, to 642.67.
All but on of the 12 TSX subgroups were lower, with health-care up 0.74%.
On the downside, Material stocks shed 1.10% and both Financial and Industrial issues dipped 0.66%.
ON WALLSTREET
Stocks were lower Monday as concerns over rising rates and tighter monetary policy added selling pressure that began last week.
The Dow Jones Industrial Average slid 252 points, or about 0.7%. The S&P 500 and the Nasdaq Composite dropped 0.7% and 0.8%, respectively.
Powell's Friday speech at the Jackson Hole central banking symposium warned of the "pain" needed to tame the fastest inflation in more than forty years, and signaled further rate hikes to come between now and the end of December.
Meme stocks GameStop (GME) and AMC (AMC) were also taking a hit Monday.
WTI crude futures for October delivery were 16 cents higher at $93.22 per barrel.
Meanwhile in the bond market, the benchmark 10-year Treasury note surged above 3%, and the 2-year Treasury yield spiked to top 3.45%, its highest level since 2007.
Gold was last down 0.5% at $1,729 an ounce.
