Canada's main stock index fell on Monday as investors fretted about a worsening trade dispute between the United States and other major economies.
The S&P/TSX Composite Index faltered 204.87 points, or 1.3%, from Friday’s all-time record close to greet noon at 16,245.27
The Canadian dollar nicked up 0.02 cents to 75.12 cents U.S.
Suncor Energy's 4.2% decline – or $2.23, leaving the stock at $51.12 -- and TransCanada Corp's 1.4% fall -- down 83 cents, to $56.85 -- were top drags on the energy group.
Production at Syncrude Canada's oil sands facility near Fort McMurray, Alberta is offline at least through July, after a power outage this week.
Top percentage gainers on the TSX were shares of Aphria Inc, which advanced nine cents to $12.80, and Detour Gold, which rose 32 cents, or 2.9%, to $11.29.
Top decliners on the main index were shares of Hudbay Minerals, down 50 cents, or 6.1% to $7.65 and Lundin Mining, off 20 cents, or 2.5% to $7.90.
ON BAYSTREET
The TSX Venture Exchange subtracted 3.57 points to 752.67
All 12 TSX subgroups were negative, with information technology sliding 2.5%, energy down 2.2%, and health-care, off 1.9%.
ON WALLSTREET
Stocks kicked off the week trading lower on Monday as the Trump administration is reportedly preparing to restrict investment in U.S. technology by Chinese companies.
The Dow Jones Industrials plummeted 354.27 points, or 1.4%, to 24,226.62, with Boeing and Intel among the biggest decliners in the index. The 30-stock index also fell below its 200-day moving average for the first time since May 3.
The S&P 500 dropped 39.38 points, or 1.5%, to 2,715.02, as tech declined 2.1%
The NASDAQ jettisoned 158.94 points, or 2.1%, to 7,533.89, as Facebook, Amazon, Netflix and Google-parent Alphabet dropped. Netflix shares briefly fell more than 6% before holding 5.7% lower.
Harley-Davidson shares fell 4.8% after the company announced it will shift production of motorcycles headed for Europe to factories outside the U.S. The company sold nearly 40,000 bikes to the European Union, second only to the U.S.
Shares of chipmakers Intel, Micron Technology and Nvidia all fell at least 3%. Boeing was down 2.2%, Caterpillar, subsided 2.1%, and General Motors, slid 0.8%. Boeing, Caterpillar and GM were also on track to post large monthly losses.
Campbell Soup rose more than 10% on a report from the New York Post that said the company is drawing possible takeover interest from Kraft Heinz.
The Wall Street Journal reported Sunday that President Donald Trump plans to bar several Chinese companies from making investments in U.S. tech. The newspaper also reported that the administration wants to block additional technology exports to China. Both measures are expected to be announced by the end of the week.
Increasing trade tensions between the U.S. and its key trade partners, including China, have kept Wall Street on edge. The major indexes finished last week lower after Trump asked the U.S. trade representative to target $200 billion worth of Chinese products for tariffs. Trump also raised the possibility of slapping a 20% charge on European cars.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 2.87% from Friday’s 2.9%. Treasury prices and yields move in opposite directions.
Oil prices fell five cents to $68.53 U.S. a barrel.
Gold prices slipped $2.70 to $1,268.00 U.S. an ounce.
