Equities in Canada’s largest market opened lower on Monday, weighed down by energy shares tracking weaker crude, while the Bank of Canada is expected to renew its monetary policy framework later in the day.
The S&P/TSX Composite demurred 23.94 points to open Monday at 20,866.68.
The Canadian dollar ditched 0.34 cents at 78.26 cents U.S.
Hydro One said on Sunday more than 450,000 customers experienced power outages due to a wind storm, with about 115,000 customers still without power.
Shares in Hydro One squirted ahead seven cents to $31.25.
In the aftermath of disastrous floods last month that cut off Canada's main port, Ottawa will convene a summit of industry figures and shippers to discuss strengthening supply chains, a government source said on Sunday.
Investors await the speech by the Bank of Canada Governor Tiff Macklem and Finance Minister Chrystia Freeland due at 10:00 a.m. EST.
The central bank is expected to renew its monetary policy framework on Monday, leaving its inflation target unchanged at 2% as concerns about the cost of living rises and the COVID-19 outlook remains uncertain.
ON BAYSTREET
The TSX Venture Exchange fell back 1.44 points to 907.55.
The 12 TSX subgroups were evenly distributed, as gold surged 1.2%, while materials hiked 0.7%, and utilities improved 0.2%.
The half-dozen laggards were weighed most by energy, down 1.5%, while health-care sagged 0.7%, and industrials dropped 0.5%.
ON WALLSTREET
The S&P 500 pulled back on Monday after the index notched its best week since February and a fresh record close, rebounding from a big selloff triggered by fears of the omicron coronavirus variant.
The Dow Jones Industrials tumbled 238.46 points to 35,732.53, dragged down by a 2% drop in Boeing’s stock.
The S&P 500 index slid 19.07 points to 4,692.95.
The NASDAQ stumbled 25.79 points at 15,604.81.
Reopening plays like airlines and cruise lines were some of the biggest losers on Monday. American Airlines fell 4% and Delta Air Lines dropped 3%. Carnival Corp. ticked 4% lower.
On the positive side, Moderna shares were among the strongest gainers Monday, rising 3% a day after the White House’s top infectious disease expert Dr. Anthony Fauci called COVID booster shots “optimal care,” but said the definition of fully vaccinated would not change.
As of Sunday, the U.S. was approaching 800,000 coronavirus-related deaths. The new variant has pushed some government officials to reinstate health restrictions to slow the spread.
Elsewhere, Apple moved closer in its quest to become the market’s first $3 trillion company, gaining about 1% following an upgrade from JPMorgan.
Prices for 10-year Treasurys advanced, dropping yields to 1.44% from Friday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices faltered 85 cents to $70.82 U.S. a barrel.
Gold prices added $1.40 to $1,786.20 U.S. an ounce.
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