Canada's main stock index fell from record highs on Monday, with the heavyweight energy sector leading losses as rising COVID-19 cases stoked concerns over crude demand, driving oil prices 4% lower.
The TSX Composite index remained negative 53.49 points to pause for lunch at 20,421.93
The Canadian dollar sank 0.31 cents to 79.51 cents U.S.
The largest percentage gainer on the TSX was WPT Industrial Real Estate Investment Trust which jumped $3.74, or 15.8%, to $27.37, after private equity firm Blackstone agreed to buy the company for $1.86 billion.
Westport Fuel fell 45 cents, or 7.1%, the most on the TSX, to $5.85,
while the second biggest decliner was Lightspeed POS, down $4.77, or 4.7%, to $116.35.
ON BAYSTREET
The TSX Venture Exchange slipped 8.2 points to 917.45,
Six of the 12 TSX subgroups were lower midday, as energy and gold each faltered 2.3%, and materials backtracked 1.9%.
The five gainers were led by real-estate, up 0.7%, while consumer staples and financials each squeezed up 0.1%.
Consumer discretionary stocks were unchanged by noon hour EDT.
ON WALLSTREET
The Dow Jones Industrial Average was lower on Monday amid global growth concerns, after the 30-stock average notched a record close Friday.
The 30-stock index stayed red 67.23 points midday Monday at 35,141.28,
'The S&P 500 gave back 4.29 points to 4,432.23,
The NASDAQ recovered 24.69 points to move into the afternoon at 15,095.25.
Oil’s slide pushed energy stocks lower with Exxon Mobil and Chevron both lost about 1%. Diamondback Energy slipped 2.3%.
Stocks tied to the economic recovery, such as cruise lines and airlines, drifted lower on Monday. Norwegian Cruise Line dropped nearly 4% after a federal judge ruled that the cruise line can ask passengers for proof of COVID-19 vaccination. Carnival and Royal Caribbean also lost more than 3%. American Airline slid 4%, and United Airlines skidded 3.8%.
Job openings roared higher in June, hitting 10.1 million, according to the U.S. Labor Department’s JOLTS report released Monday. This compared to the 9.1 million expected by economists polled by Dow Jones.
Earnings season continues this week with companies including Tyson Foods, AMC Entertainment, Coinbase, Lordstown Motors, Bumble, Palantir, Disney, Airbnb and DoorDash set to report quarterly earnings.
Credit Suisse on Monday initiated a 5,000 price target for the S&P 500 for the end of 2022, citing higher earnings. The firm kept its 4,600 target for 2021.
Prices for 10-Year Treasurys turned course and lost ground, raising yields to 1.32% from Friday’s 1.30%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.63 to $66.65 U.S. a barrel.
Gold prices slid $35.30 to $1,727.80 U.S. an ounce.
