Stocks Finish Positive

Shopify, Detour Gold in Vogue

Equities in Canada’s busiest centre finished the day in positive country, with most of the strength coming from information technology.

The S&P/TSX Composite Index remained buoyant 32.94 points to end Monday at 16,518.88

The Canadian dollar dished off 0.39 cents to 76.27 cents U.S.

Tech issues ruled the roost Monday, as Shopify vaulted $8.39, or 2%, to $439.45, while Sierra Wireless jumped 29 cents, or 1.9%, to $15.64.

Detour Gold strengthened 31 cents, or 1.6%, to $19.80, while Eldorado Gold hiked 17 cents, or 1.7%, to $10.22.

Precision Drilling led a host of energy companies on the make Monday, gaining six cents, or 2.7%, to $2.28, while Kelt Exploration triumphed 10 cents, or 2.6%, to $3.96.

Health-care did not fare so well, however, as HEXO Corp. took it on the chin 22 cents, or 3.4%, to $6.18, while Aphria dropped 26 cents, or 3.1%, to $8.12.

The communications group also fell below breakeven, as Quebecor docked 41 cents, or 1.4%, to $29.95, while Cineplex slid 20 cents to $23.32.

On the economic front, Statistics Canada reported wholesale sales were down 1.8% in May to $63.8 billion, following five consecutive monthly increases.

The agency also says lower sales were reported in six sub-sectors, accounting for 86% of total wholesale sales.

ON BAYSTREET

The TSX Venture Exchange added 1.92 points to end the session at 593.88

All but two of the 12 Toronto subgroups were positive on the day, as information technology firms rocketed 1.3%, gold picked up 0.6%, and energy was 0.5% to the good.

The two lone laggards were health-care, weakening 0.8% and communications, down 0.2%.

ON WALLSTREET

Stocks rose slightly on Monday as Wall Street kicked off a big week of earnings. The moves also come as expectations of aggressive policy easing from the Federal Reserve dampen.

The Dow Jones Industrials gained 17.7 points to 27,171.90, though a 1% drop in Boeing capped the index’s gains.

The S&P 500 progressed 8.42 points to 2,985.03, as the tech sector outperformed

The NASDAQ Composite strengthened 57.65 points to 8,204.14

Boeing shares fell after Fitch downgraded its outlook on the airplane maker to negative. Tech shares rose 1%, led by chipmakers.

Applied Materials, Micron Technology and Lam Research rose at least 3.7% after Goldman Sachs upgraded them, noting that excess inventory for memory chip companies "will be depleted" faster than expected.

More than a quarter of the S&P 500 reports earnings this week including so-called FANG names Facebook, Google’s parent Alphabet and Amazon, along with blue chips like McDonald’s and Boeing. Facebook, Amazon, and Alphabet all closed higher.

So far, more than 15% of the S&P 500 has posted quarterly results. Of those companies, 78.5% have topped analyst expectations for earnings while 67% have reported better-than-expected quarterly revenues

Market expectations for a 25 basis-point rate cut later this month are at 75.5%. Meanwhile, traders are also pricing in a 24.5% chance of a 50 basis-point cut.

Prices for the benchmark 10-year U.S. Treasury sagged again, raising yields back to Friday’s 2.05%. Treasury prices and yields move in opposite directions.

Oil prices added 46 cents at $56.09 U.S. a barrel.

Gold prices stayed afloat one dollar to $1,425.70 U.S. an ounce.