Markets in Toronto stubbed their collective toes coming back from the Easter long weekend, stumbling Monday as lower oil prices weighed on energy stocks, while mining stocks also declined.
The S&P/TSX Composite Index dropped 56.82 points to open a new week at 13,301.29
The Canadian dollar recovered 0.47 cents to 75.83 cents U.S.
Nomura raised the target price on Suncor Energy to $45.00 from $41.00. Suncor shares sank 35 cents, or 1%, to $35.51.
Among metals and mining issues, First Quantum Minerals tumbled 41 cents, or 5.9%, to $6.58, while Teck Resources faded 44 cents, or 4.5%, to $9.31.
Gold issues also took some lumps, as Barrick Gold lost 27 cents, or 1.5%, to $17.69, while Goldcorp slid 47 cents, or 2.3%, to $20.44.
ON BAYSTREET
The TSX Venture Exchange faded 0.5 points to 579.56
All but three of the 13 TSX subgroups were negative to start out, with metals and mining down 3.3%, materials off 1.5%, and gold trailing 1.4%
The three gainers were utilities, up 0.4%, consumer staples, gaining 0.3%, and consumer discretionary stocks inching up 0.1%.
ON WALLSTREET
U.S. stocks traded in a range Monday as investors awaited data and comments from key Fed policymakers due later in the week.
The Dow Jones Industrials gained 32.19 points to 17,547.92, with Travelers Cos. leading advancers and Nike the greatest decliner.
The S&P 500 stepped back 0.15 points to 2,035.79. Consumer discretionary stocks led advancers in mid-morning trade.
Shares of Starwood Hotels & Resorts Worldwide and Marriott International were among the top gainers in that sector following news China's Anbang Insurance has raised its offer for Starwood to almost $14 billion U.S., in the latest challenge to the U.S. hotel operator's merger with Marriott
The NASDAQ index eked up 2.77 points to 4,776.28, as Amazon.com, and Apple declined.
In economic news, consumer spending edged up 0.1% in February, after January's figure was revised lower to show a 0.1% gain versus the previously reported 0.5% rise. Personal income rose 0.2%
Excluding food and energy, prices gained 0.1% after advancing 0.3% in January. In the 12 months through February, the so-called core PCE price index increased 1.7% after a similar increase in January.
The U.S. Department of Commerce also said the advance February goods trade deficit was $62.86 billion U.S.
The trade gap, wider than most expectations, and the downward revision in January consumption prompted several cuts to first-quarter GDP estimates.
The National Association of Realtors said its pending home sales index rose 3.5% to 109.1 last month, the highest level in seven months. January's reading was revised to show a 3% decline, which was deeper than initially reported
While U.S. markets were closed for Good Friday, the Commerce Department's third GDP estimate for the fourth quarter showed an annual growth rate of 1.4% instead of the previously reported 1% pace.
However, corporate profits declined for a second-straight quarter and fell 5.1% for all of 2015, their largest drop since 2008. Profits fell 0.6% in 2014.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.89% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions.
Oil prices dropped 19 cents a barrel to $39.27 U.S.
Gold prices picked up $1.48 to $1,218.53 U.S. an ounce.
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