Canada's main stock index struggled to make it back to the breakeven point by the end of Monday’s, as gains in the gold sector were offset
by losses in energy shares.
The S&P/TSX Composite Index lost 30.12 points to close Monday 16,038.13
The Canadian dollar dropped 0.13 cents at 75.14 cents U.S.
The energy sector plummeted, as Enbridge shares lost $2.87, or 5.8% to $46.64, after the company delayed its line 3 pipeline. Elsewhere in the sector, Suncor took a knock of 45 cents, or 1%, to $45.02.
Health-care stocks fell back as well, as Aurora Cannabis dropped 17 cents, or 1.8%, to $9.55, while Canopy Growth dipped 45 cents to $62.08.
Tech stocks also had a rough go of it, with Shopify collapsing $6.37, or 2.5%, to $248.34.
While they may not have been enough to carry the market on the first Monday of March, gold stocks were stronger, as Barrick Gold notched higher 26 cents, or 1.6%, to $16.61, while Goldcorp improved 48 cents, or 3.4%, to $14.51.
In materials, Agnico Eagle Mines took on 40 cents to $56.60.
Industrials also built themselves up, as Bombardier held its own at $2.90, while Canadian Pacific Railway chugged along $4.20, or 1.5%, to $276.11.
ON BAYSTREET
The TSX Venture Exchange lost 2.66 points to 622.50
Eight of the 12 TSX subgroups were positive on the day, however, as gold surged 0.7%, materials were stronger by 0.6%, and industrials gained 0.4%.
The four laggards were weighed most by energy, negative by 1.8%, while health-care and information technology surrendered 0.7% each.
ON WALLSTREET
Stocks staged a marked turnaround Monday as the S&P 500 sank back below a key chart level and a trade resolution between the U.S. and China had long been expected by traders.
The Dow Jones Industrial Average dropped 206.67 points – off its lows of the day -- to 25,819.65. Boeing was one of the worst performers in the Dow
The S&P 500 faded 10.88 points to 2,792.818, breaking back below the key 2,800 level. The broad index closed above 2,800 on Friday, marking its highest close since Nov. 8.
The NASDAQ Composite was down 17.79 points to 7,577.57
Stocks started giving back their gains after the U.S. Commerce Department said construction spending dropped 0.6% in December. Economists had forecast a gain of 0.2%.
The indexes also rolled over as the S&P 500 tech sector fell 1%. Shares of Salesforce were the biggest decliners in the sector, sliding more than 3% ahead of their quarterly earnings release.
Equities initially rose on news that a trade deal between the U.S. and China could be on the horizon.
Sources told some media outlets that U.S.-China trade negotiations are in the "final stages" as the two sides prepare for a possible summit at Mar-a-Lago at the end of March. If a deal is reached, the U.S. could roll back tariffs on at least $200 billion in Chinese goods while China would remove or cut industry-specific levies like those on autos
However, the U.S. wants the ability to re-impose levies on Chinese goods if talks fail on enforcement mechanisms on intellectual property theft and related matters. According to sources, this is not sitting well with the Chinese.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.73% from Friday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices took on 70 cents to $56.50 U.S. a barrel.
Gold prices slipped $11.70 to $1,287.50 U.S. an ounce.
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