Canada's main stock index fought its way into the green in choppy trading on Monday as markets braced for the U.S. Federal Reserve's policy meeting later in the week, with gains in energy stocks limiting losses.
The TSX Composite recovered 29 points to pause for lunch hour Monday at 19,500.19.
The Canadian dollar moved back 0.26 cents to 73.19 cents U.S.
National Bank of Canada and Canadian Imperial
Bank of Commerce have dropped out as bidders for HSBC Holdings PLC's business in Canada, while Bank of Montreal is still pursuing it.
National shares were up 44 cents to $92.64. CIBC shares gained 26 cents to $61.87.
BMO, for its part, fell back $1.61, or 1.3%, to $126.19.
Amongst industrials, Cargojet was up $7.07, or 5.4%, to $137.08 after reporting better-than-expected results.
ON BAYSTREET
The TSX Venture Exchange dipped 1.05 points midday Monday to 595.88.
Eight of the 12 TSX subgroups were still in the red by noon hour, with gold lower 0.9%, real-estate down 0.7%, utilities sagging 0.5%.
The four gainers were led by health-care, 5.2%, energy, up 2.1%, and information technology, better by 0.6%.
ON WALLSTREET
Stocks slipped Monday as the final trading day of October wore on, but the major averages were poised to snap a two-month losing streak.
The Dow Jones Industrials fell behind 26.23 points to 32,835.57.
The S&P 500 sagged 25.33 points to 3,875.73.
The NASDAQ faded 113.31 points, or 1.%. to 10.989.15.
October’s gains have come despite a mixed third-quarter earnings season, which has shown slowing growth and a few major disappointments from large tech companies such as Meta Platforms and Amazon. Those names led Monday’s tech losses as investors drifted out of the growth sector.
Traders are preparing this for the latest Federal Reserve meeting beginning Tuesday. The central bank is expected to hike rates by three quarters of a percentage again on Wednesday, but many on Wall Street are looking for a signal from the FOMC statement or Chairman Jerome Powell’s press conference that the Fed could pause its hikes in the near future, or curb their size.
Earnings season continues this week with reports from Uber, Pfizer and Advanced Micro Devices.
Treasury prices faded, raising yields to 4.04% from Friday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.03 to $86.87 U.S. a barrel.
Gold prices dipped $3.20 to $1,641.60 U.S. an ounce.
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