Equities in Canada’s largest market hesitated as Monday morning became afternoon, with tech and industrials proving the biggest anchors.
The S&P/TSX Composite gave up 41.11 points to break for lunch at 21,230.74
The Canadian dollar regained 0.41 cents at 78.86 cents U.S.
Tech shares fell most Monday morning, as Quarterhill Corporation faded nine cents to 3.7%, to $2.33, while Celestica gave up 44 cents, or 2.8%, to $15.07.
In industrials, Ballard Power Systems dropped 60 cents, or 4.8%, to $11.81, while ATS Automation stumbled $1.36, or 2.8%, to $46.84.
Gold, however, made headway, with Alamos Gold moving up 47 cents, or 5.6%, to $8.93, while Iamgold gained 16 cents, or 4.9%, to $3.40.
Endeavour Silver picked up 19 cents, or 4.3%, to $4.61, while Interfor climbed $1.51, or 4.3%, to $36.63.
Ottawa Mayor Jim Watson on Sunday declared a state of emergency to help deal with an unprecedented 10-day occupation by protesting truckers which has shut down much of the core of the nation’s capital.
ON BAYSTREET
The TSX Venture Exchange hung onto gains of 2.9 points to 857.37.
Eight of the 12 TSX subgroups were in the red midday, with information technology down 0.9%, industrials slid 0.7%, and consumer discretionary stocks off 0.6%.
Gold led the four subgroups higher with a hike of 1.5%, while materials marched 0.7%, and utilities up 0.2%.
ON WALLSTREET
Stocks bounced between gains and losses Monday as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data.
The Dow Jones Industrials sank 43.98 points to reach noon hour EST at 35,045.76.
The S&P 500 subtracted 12.27 points to 4,488.26
The NASDAQ dropped 50.7 points to 14,047.31.
The moves came after a bounce-back week on Wall Street marked by earnings volatility. Quarterly results were again driving stocks on Monday, with Tyson Foods gaining more than 9% after beating earnings expectations, while Hasbro and medical device stock Zimmer Biomet fell after their reports. Shares of Amazon rose more than 2%, building on Friday’s post-earnings pop.
Shares of Netflix, still struggling after the company issued weak guidance in January, fell another 3% on Monday after investment firm Needham said the company’s current strategy could not win the streaming wars.
Some of the most beaten down areas of the market were bouncing back on Monday. Peloton shares surged 20% on reports that Amazon and Nike are lining up as possible suitors for the interactive fitness equipment maker. Shares of Snowflake jumped more than 5% after an upgrade from Morgan Stanley.
Elsewhere, shares of Spirit Airlines jumped 14% after Frontier Airlines announced a deal to merge with its low-cost competitor. The news appeared to boost sentiment among airlines generally, with shares of United and Delta Air Lines rising more than 2%.
Spotify saw its shares decline more than 3.9% after the company said it condemns past use of racial slurs by controversial podcast host Joe Rogan but would not remove him from the streaming site. Artists including Neil Young, Joni Mitchell and India.Arie have asked Spotify to remove their music in protest over Rogan.
So far 56% of S&P 500 companies have posted quarterly earnings, with 77% beating earnings estimates and 76% topping revenue expectations.
Individual performance has been different, however. Amazon shares added 13.5% on Friday, while Snap surged 58.8%. Facebook-parent Meta dropped 26% on Thursday after its quarterly update. The social media company is coming off its worst week on record.
Another busy week of earnings is on deck with 76 S&P 500 companies set to post results. Three Dow components will provide quarterly updates, including Disney and Coca-Cola. Amgen, Take-Two Interactive and On Semiconductor are among the names that will report earnings on Monday.
Prices for 10-year Treasurys inched downward, raising yields to 1.93% from Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices 95 cents to $91.36 U.S. a barrel.
Gold prices were up $10.40 to $1,818.20 U.S. an ounce.
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