Stocks in Canada’s largest centre opened lower on Monday following last week's rally as energy stocks, pinched by cheaper crude prices, led declines.
The S&P/TSX composite index plummeted 111.54 points to begin the day and the week at 13,753.53.
The Canadian dollar docked 0.58 cents to 75.15 cents U.S.
National Bank Financial cut the target price on Bank of Nova Scotia to $66.00 from $68.00, consider the bank’s third-quarter to be a miss on an operating basis.
Scotiabank shares dipped 86 cents, or 1.4%, to $58.74.
KBW raised the target price on Canadian Imperial Bank of Commerce to $94.00 from $92.00, says the bank performed well in the third-quarter with good execution in retail & business banking and wealth management.
Commerce shares lost 84 cents to $95.50.
Snipp Interactive Inc reports Q2 earnings today, expecting breakeven per share. Snipp shares, meanwhile, “snipped” off two cents, or 4.4%, to 43 cents.
Tweed Marijuana expects Q1 earnings of breakeven per share. Tweed share prices improved six cents, or 3.7%, to $1.70.
ON BAYSTREET
The TSX Venture Exchange eked up 0.34 points to 556.01
All but three of the 14 TSX subgroups were lower to begin Monday, as metals and mining retreated 4.2%, gold was down 3.7%, and energy stocks paled 3.4%.
The three gainers, on the other hand, were health-care, up 0.6%, while consumer discretionaries and information technology each improved 0.2%.
ON WALLSTREET
U.S. stocks traded about 1% lower on Monday, the last day of trade for August, as investors eyed developments in China and the Federal Reserve following a turbulent markets week.
The Dow Jones industrial average flopped 187.41 points, or 1.1%, to 16,455.60, with Chevron leading decliners and UnitedHealth and Goldman Sachs the only advancers.
The S&P 500 eased 15.14 points to 1,973.73. The energy sector lost more than 2% as the greatest decliner in the S&P as oil gave back some of its week-end surge.
The NASDAQ index dropped 25.84 points to 4,802.48.
No major earnings are due on Wall Street on Monday. The Chicago purchasing managers' index for August came in at 54.4
Federal Vice Chairman Stanley Fischer told the media on Friday from the Jackson Hole symposium that it was too early to determine whether last week's market turmoil would impact the likelihood of a rate hike next month.
He added in a Saturday speech that inflation pressure in the U.S. economy is likely to rebound and allow for a gradual increase in rates.
He and the Bank of England's Governor Mark Carney indicated with their comments that the two central banks could be set to look past recent financial market turmoil set off by fears of slowing China growth.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.14% from Friday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.04 a barrel to $44.18 U.S.
Gold prices plummeted $5.70 to $1,128.30 U.S. an ounce.
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