Equities in Canada’s biggest centre fell by noon EDT 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 198.06 points to move into Monday afternoon at 34,781.94.
The Canadian dollar sank 0.12 cents to 70.36 cents U.S.
Iran and the United States agreed to renew talks amid rising tensions in the Strait of Hormuz, a U.S. official said on Sunday, raising hopes of saving an interim peace deal that has been under pressure from days of tit-for-tat strikes.
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 withered 9.28 points to 886.56.
All but two of the 12 TSX subgroups were lower, weighed most by gold and materials, off 2% each, and consumer discretionary stocks, down 1.6%.
The lone gainers were energy, inching up 0.2%, while financials eked up 0.1%.
ON WALLSTREET
Stocks rose Monday as investors weighed a pause in hostilities between the U.S. and Iran, though selling pressure in chipmakers kept gains in check. Investors unloaded shares of Micron and other artificial intelligence-linked semiconductor names.
The Dow spiked 254.11 points to 52,130.22.
The much-broader index hiked 60.44 points to 7,414.46.
The NASDAQ hurtled higher 342.10 points, or 1.4%, to 25,639.71.
Micron sank nearly 8% to its lowest price in roughly two weeks. Fellow memory chipmaker Sandisk also dropped 8.4%. Intel slid 5.3%.
Comcast shares, meanwhile, rallied 9% after the company 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.
Alphabet also gained ground in Monday’s trading session, climbing more than 4% as investors reacted to its debut in the blue-chip Dow.
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 $1.54 to $70.77 U.S. a barrel.
Gold prices faltered $55.80 to $4,040.50 U.S. an ounce.
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