Canada's main stock index fell on Monday, as a slide in commodity prices weighed on energy and mining shares, while investors focused on U.S. Federal Reserve's meeting later this week.
The S&P/TSX Composite dropped another 72.17 points, to begin the week at 20,689.83, after a 2% loss last week.
The Canadian dollar erased 0.28 cents to 77.51 cents U.S.
Alimentation Couche-Tard and EG Group have traded proposals in recent weeks that would value the British retailer at about $16 billion or more including debt, according to the Wall Street Journal reported.
Couche-Tard shares were hoisted $1.67, or 2.9%, to $58.86.
National Bank of Canada raised the target price on Atco Ltd. to $46.00 from $45.00. Atco shares toppled 52 cents, or 1.1%, to $45.25.
JP Morgan raised the target price on Imperial Oil to $79.00 from $77.00. Imperial shares faded $2.31, or 3.6%, to $62.37.
CIBC raised the target price on Spin Master to $62.00 from $55.00. Spin Master jumped 63 cents, or 1.4%, to $46.84.
On the economic front, Markit Canada’s Manufacturing Purchasing Managers’ Index registered at 56.2 in April, down from March's survey-record high of 58.9.
ON BAYSTREET
The TSX Venture Exchange stumbled 12.5 points, or 1.5%, to 801.93
Eight of the 12 TSX subgroups were lower, with gold dulling in price 2%, materials off 1.4%, and energy down 1.3%.
The four gainers were led by information technology, climbing 2%, health-care, haler by 0.7%, and consumer staples, up 0.6%.
ON WALLSTREET
U.S. stocks swung between gains and losses on Monday morning as Wall Street tried to shake off a brutal month that saw the NASDAQ Composite suffer its worst stretch since 2008.
The Dow Jones Industrials eked higher 11.31 points to 32,988.52.
The S&P 500 obtained 2.66 points to 4,134.59,
The NASDAQ Composite poked ahead 3.61 points to 12,338.25.
The Dow and S&P 500 are coming off their worst month since March 2020, when the pandemic took hold. The Dow finished April 4.9% lower, while the S&P tanked 8.8%. The NASDAQ closed down 13.26% for its worst month since 2008.
Tech was a particular weak point in April, and some of the biggest names were struggling again on Monday. Shares of Amazon fell 2.7%, while Apple also slipped into the red.
Netflix, however, jumped 3.5%. Fellow streaming stock Disney rose more than 1%.
Payments stocks Visa and American Express each fell about 1%, respectively, weighing on the Dow.
In corporate news, Spirit Airlines announced that it was rejecting a takeover offer from JetBlue in favor of a less lucrative deal with Frontier, citing “an unacceptable level of closing risk.” Shares of Spirit dropped more than 7%.
Earnings season is now more than halfway finished, but a number of companies are set to post results in the coming week, including a host of consumer-focused restaurant and travel companies.
Expedia, MGM Resorts, Pfizer, Airbnb, Starbucks, Lyft, Marriott, Yum Brands, Uber eBay and TripAdvisor are just some of the names on deck.
Of the more than 280 S&P 500 companies that have reported earnings so far, 80% have beat earnings estimates with 73% topping revenue expectations.
Treasury prices shuttled lower, raising yields to -2.98% from Friday’s 2.92%. Treasury prices and yields move in opposite directions.
Oil prices let go of $3.62 to $101.07 U.S. a barrel.
Gold prices tailed off $51.50 to $1,860.20 U.S. an ounce.
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