Markets in Canada’s largest centre fell on Monday as financial sector and energy stocks retreated, while investor attention turned to central bank meetings in the United States and Japan this week.
The S&P/TSX Composite Index slumped 60.59 points to open Monday at 13,813.41
The Canadian dollar slid 0.06 cents to 78.88 cents U.S.
Precision Drilling Corp posted a first-quarter loss, compared with a profit a year earlier, hurt by lower demand for rigs amid a prolonged slump in oil prices.
Precision shares docked a penny to $5.99
Bombardier has denied reports it is involved in launching an airline in Iran, although the aircraft maker has confirmed it was in talks for sales as its executive chairman visited the country to drum up business.
Bombardier saw its shares get three cents worth of lift, or 1.8%, to begin the day at $1.74.
Valeant Pharmaceuticals International said it received additional notices of default from its bondholders as a result of a delay in filing its annual report.
Valeant took on $1.58, or 3.5%, to $47.15.
RBC raised the rating on Cascades Inc. to outperform from sector perform.
Cascades acquired 20 cents, or 2.3%, to $8.95.
National Bank Financial raised rating on Equitable Group to outperform from sector perform. Equitable shares ditched two cents to $57.98.
National Bank cut the rating on Home Capital Group to sector perform from outperform. Home shares lost 92 cents, or 2.4%, to $37.95.
ON BAYSTREET
The TSX Venture Exchange hiked 4.38 points early Monday to 660.58, keeping its momentum going.
ON WALLSTREET
U.S. stocks traded lower Monday ahead of major central bank meetings and a slew of earnings.
The Dow Jones Industrials gave back 105.16 points to 17,898.59, with United Technologies the greatest decliner and Caterpillar the top advancer.
The S&P 500 slid 8.74 points to 2,082.51. Energy traded more than 0.5% lower to lead S&P 500 decliners
The NASDAQ Composite Index fell 15 points to 4,891.23, weighed by sharp declines on disappointing earnings from major tech firms.
The index is 6.2% below its 52-week intraday high and still in negative territory for the year so far.
Halliburton said it cut 6,000 jobs in the first quarter. The oilfield services giant delayed its earnings report from Monday morning to next month as it works on clearing regulatory hurdles for its planned merger with rival Baker Hughes.
Earnings due later in the week include Apple, Boeing, Facebook and Amazon.com.
Shares of Microsoft and Alphabet traded mildly higher in morning trade Monday after plunging more than 5% Friday.
New home sales in March fell 1.5% to a seasonally-adjusted annual rate of 511,000.
The U.S. Federal Open Market Committee is widely expected not to move on interest rates at its meeting scheduled for this Tuesday and
Wednesday, but investors will analyze the statement for indications on the potential for a hike at the June meeting.
Prices for the 10-year Treasury were unchanged, keeping yields at Friday’s 1.89%.
Oil prices inched up two cents a barrel to $43.76 U.S.
Gold prices surged $6.77 to $1,239.80 U.S. an ounce.
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