Canada's main stock index fell on Monday as caution ahead of a review of the U.S.-Canada-Mexico trade agreement and weakness in gold miners offset relief from signs of easing tensions in the Middle East.
The TSX Composite Index dropped 175.78 points to open Monday at 34,808.22.
The Canadian dollar sank 0.12 cents to 70.35 cents U.S.
Canadian officials are set to meet their Mexican and U.S. counterparts on Wednesday for the first trilateral meeting to review the U.S.-Canada-Mexico trade agreement. The three countries need to approve a renewal of their existing agreement or signal their intent to exit the pact.
ON BAYSTREET
The TSX Venture Exchange dipped 8.26 points to 887.58.
All but three of the 12 TSX subgroups were lower, weighed most by gold, 2.3%, materials, off 2.1%, and consumer discretionary stocks, off 1%.
The three gainers were energy, up 0.6%, information technology, eking up 0.1%, and consumer staples, ahead 0.04%.
ON WALLSTREET
Stocks rose Monday as investors weighed a pause in hostilities between the U.S. and Iran, even as a sudden swing in technology names dampened their rally.
The Dow recovered 386.47 points to 52,262.58.
The much-broader index hiked 46.62 points to 7,400.64.
The NASDAQ hurtled higher 253.83 points to 25,551.44.
Investors unloaded shares of Micron and other artificial intelligence-linked chips stocks, causing the overall market to lose steam after it surge shortly after the bell.
Comcast shares, meanwhile, rallied 9% after it said it will spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.
Prices for the 10-year Treasury dipped, raising yields to 4.38% from Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices captured $1.22 to $70.45 U.S. a barrel.
Gold prices faltered $56.40 to $4,039.70 U.S. an ounce.
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