Markets in Toronto fell on Monday as tumbling gold miners, hurt by a slump in bullion prices to five-year-lows, led the retreat.
The S&P/TSX composite index surrendered 145.70 points, or 1%, to greet noon at 14,497.14
The Canadian dollar flatlined at 77.07 cents U.S.
Barrick Gold Corp topped the list of failing gold stocks, plunging 10% to $10.26, and Goldcorp Inc diving 8.1% to $17.55. Agnico Eagle Mines Ltd also sank 8.1% to $30.07.
Energy stocks were also a big drag. Enbridge Inc was down 1.2% to $58.83 and Canadian Natural Resources was off 1.7% to $32.23.
On the economic front, Statistics Canada reported that wholesale trade decreased 1.0% to $54.5 billion in May, following two consecutive increases. Lower sales in four sub-sectors, which together represented 65% of wholesale sales, accounted for the decline. Excluding the motor vehicle and parts sub-sector, wholesale sales declined 0.6%.
ON BAYSTREET
The TSX Venture Exchange fell 4.67 points to 624.14
All but three of the 14 TSX subgroups were to the negative, with gold off 8%, materials falling 4.5%, and energy down 2%.
The three gainers were health-care, nosing ahead 0.1%, information technology, up 0.02%, and consumer discretionary stocks, eking up 0.01%.
ON WALLSTREET
U.S. stocks traded higher on Monday, following a record close on the Nasdaq Composite, as investors focused on earnings reports.
The Dow Jones industrial average recovered 36.55 points to 18,123.
The S&P 500 gained 3.05 points to 2,127. The NASDAQ index gained another 10.70 points to 5,220.84.
No major economic reports are due Monday. About 130 S&P and Dow industrial names post quarterly results this week.
Morgan Stanley earned an adjusted 79 cents U.S. per share, five cents above estimates, with revenue also above forecasts. The results were helped in part by strong growth in trading revenue.
Another tech giant, Apple, reports quarterly results after the close Tuesday. Shares of the iPhone maker jumped more than 1.5% in morning trade Monday.
In other news, PayPal briefly jumped more than 6% in its first day of trade as its own publicly traded company under the ticker "PYPL" today following separation from eBay. Shares of eBay reversed early losses to trade about 1% higher.
IBM posts quarterly earnings after the close.
In other morning reports, Hasbro reported quarterly profit of 33 cents U.S. per share, four cents above estimates, with revenue well above consensus despite the impact of the stronger dollar.
Halliburton beat forecasts by 15 cents U.S. with adjusted quarterly profit of 44 cents U.S. per share, with revenue exceeding forecasts, as well. Like its peers, Halliburton saw a significant drop in drilling activity compared to a year earlier, but was helped by strength in its
international profit margins.
Prices for 10-year U.S. Treasuries were lower, spiking yields to 2.38% from Friday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices fell 49 cents a barrel to $50.40 U.S.
Gold prices tumbled $24.00 to $1,107.90 U.S. an ounce.
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