Equities in Toronto fell slightly at the open as investors positioned themselves ahead of the U.S. Federal Reserve decision this week and commodity prices, under pressure from the latest tepid data out of China, dragged on resource stocks.
The S&P/TSX composite index lost 43.9 points to begin trading at 13,417.57
The Canadian dollar crept up 0.03 cents to 75.44 cents U.S.
Toronto Dominion Bank is interested in broadening its U.S. market presence through acquisitions and could boost its credit card and wealth management businesses through potential deals, Chief Executive Bharat Masrani said on Friday. The lender is looking to buy assets or asset-generating units to leverage its balance sheet strength, while primarily staying focused on organic growth, he said.
TD shares receded eight cents to $51.74.
RBC cut the target price on Goldcorp Inc. to $18.00 from $19.00 due to the company’s Eleonore mine production shortfall in Horizon 4.
Goldcorp shares lost 12 cents to $16.64.
Imperial Capital cut the target price on Mood Media Corp to $0.90 from $1.10 citing incremental direct/indirect frictional costs tied to refinancing convertible notes.
Mood Media moved up two cents, or 6.1%, to 35 cents.
Student Transportation Inc reports Q4 earnings today, expecting seven cents per share. Student Transportation shares dipped 10 cents, or 1.9%, to $5.08.
ON BAYSTREET
The TSX Venture Exchange gained 1.19 points to 548.39
All but two of the 14 TSX subgroups were lower in the first hour of trade, with metals and mining plunging 3.4%, global base metals plummeting 2.2%, and gold off 1.9%.
The two gainers were utilities, eking up 0.3%, and financials, up 0.2%.
ON WALLSTREET
U.S. stocks traded mostly lower Monday as investors weighed mostly negative stock performance overseas and eyed the Federal Reserve meeting later in the week.
The Dow Jones industrial average dropped 42.96 points to 16,390.13, with Microsoft leading decliners and Apple and Merck the only advancers.
The S&P 500 moved down 7.85 points to 1,953.20, with materials leading nine sectors lower and utilities the only advancer.
The NASDAQ index slid 15.70 points to 4,806.64.
Apple jumped more than 1.5% amid positive news on new iPhone demand. IBM and Disney were the greatest negative weights on the blue chip index.
U.S. stocks traded mostly lower Monday as investors weighed mostly negative stock performance overseas and eyed the Federal Reserve meeting later in the week.
The major averages opened a touch higher but failed hold slight gains. The Dow Jones industrial average traded about 50 points lower after briefly falling 100 points.
Apple jumped more than 1.5% amid positive news on new iPhone demand. IBM and Disney were the greatest negative weights on the blue chip index.
Barron's cover story said Alibaba stock could plunge 50% from current levels based on its price-to-earnings ratio with other tech companies, market share, and other factors. The Chinese e-commerce giant responded with a letter on its website outlining what it considered inconsistencies in the article's analysis. The stock fell more than 3.5% in morning trade.
Pre-order demand for Apple’s iPhone 6s and 6s Plus on their first day of availability was stronger in China than most regions, according to early reports. The company said in a statement it is "on pace to beat last year's 10-million-unit first-weekend record when the new iPhones go on sale Sept. 25."
The Federal Open Market Committee meets Wednesday and Thursday and could raise short-term interest rates for the first time in more than nine years.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.19% from Friday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices dropped 74 cents a barrel to $43.89 U.S.
Gold prices inched up 90 cents to $1,104.20 U.S. an ounce.
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