Canada's main stock index opened lower on Monday as a decline in oil prices dragged down energy stocks.
The S&P/TSX Composite Index dropped 51.53 points at the outset to 16,509.59
The Canadian dollar was up 0.21 at 76.15 cents U.S.
Shares of Callidus Capital, owned by private equity firm Catalyst Capital Group, slumped nearly 29% on Friday after the Canadian lender eliminated its dividend payments to support business growth.
Callidus shares descended 26 cents, or 6.9%, to $3.51
RBC raised the target price on Maple Leaf Foods to $36.00 from $34.00. Maple Leaf shares gained 15 cents to $34.14.
RBC raised the target price on Saputo to $52.00 from $49.00. Saputo shares took on 74 cents, or 1.6%, to $45.75.
RBC raised the rating on West Fraser Timber to outperform from sector perform. West Fraser popped $1.18, or 1.3%, to $92.60.
On the economic scene, Statistics Canada reported foreign investment in Canadian securities slowed to $2.2 billion in May, down from $9.1 billion in April. Meanwhile, Canadian investors resumed their investment in foreign securities by adding $5.7 billion worth to their holdings, mainly in foreign bonds.
Statistics released today by the Canadian Real Estate Association show national home sales rose 4.1% from May to June. Actual (not seasonally-adjusted) activity was down 10.7% from June 2017.
ON BAYSTREET
The TSX Venture Exchange pointed up 0.31 points to 725.55.
All but three of the 12 TSX subgroups were lower in the first hour, as health-care slouched 1.8%, energy slumped 1.5%, and materials subtracted 0.4%.
The three gainers were consumer staples, up 2.1%, financials and utilities improving but 0.1%.
ON WALLSTREET
Shares of Amazon hit an all-time high on Monday to lead large-cap tech stocks higher, while the broader stock market struggled for gains as the corporate earnings season kicked into full swing.
The Dow Jones Industrials doffed 3.24 points to begin a new week at 25,016.17, with Cisco Systems gaining 1.9%
The S&P 500 dipped 4.06 points to 2,797.25, as a decline in energy stocks offset gains in financials.
The NASDAQ fell 2.42 points to 7,823.55
Shares of Amazon hit an all-time high on Monday to lead large-cap tech stocks higher, while the broader stock market struggled for gains as the corporate earnings season kicked into full swing. Amazon rose 0.7% as Prime Day got underway. Sales during last year's Prime Day surged 60% and reached a record.
Facebook picked up 0.5% and Apple rose 0.6%, respectively, while Netflix jumped 1% ahead of earnings.
BlackRock reported second-quarter earnings and revenue before the bell, along with Bank of America and J.B. Hunt Transport Services. BlackRock's earnings were driven in part by a lower corporate tax rate, while Bank of America got a boost from cost cuts and lower taxes. J.B. Hunt's results were helped by higher rates and increased volume.
J.B. Hunt shares rose 0.3%, while Bank of America gained 1.9%, BlackRock shares, meanwhile, slipped 1.5%.
Wall Street has high hopes for this earnings season, with analysts expecting second-quarter profits to have grown by 20% from last year. Earnings for the first quarter grew by 24%.
So far, just 5.7% of S&P 500 companies have reported second-quarter results. Overall, 86% of those companies have posted better-than-expected earnings, with profits growing by 20.1%.
Retail sales rose 0.5% in June, in line with expectations, according to the U.S. Commerce Department.
Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields to 2.87% from Friday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.99 to $69.02 U.S. a barrel.
Gold prices eked up 20 cents to $1,241.40 U.S. an ounce.
