Markets stepped back from record levels of the past few days on Monday, with resource stocks provided the biggest anchors.
The TSX Composite index closed down 38 points to 20,437.42
The Canadian dollar slid 0.47 cents to 79.50 cents U.S.
Golds weighed things down Monday, as New Gold plummeted 14 cent, or 7.2%, to $1.81, while Yamana Gold slid 22 cents, or 4.7%, to $5.35.
In the energy field, Crescent Point Energy lost 18 cents, or 4%, to $4.32, while Enerplus doffed 25 cents, or 3.4%, to $7.17.
In other resource stocks, MAG Silver skipped $1.35, or 5.5%, to $22.95, while Silvercrest Mining let go of 57 cents, or 5.5%, to $9.86.
Health-care stocks tried to balance things out, with Bausch Health Companies boosted $1.11, or 3.3%, to $34.57, while Tilray climbed 29 cents, or 1.6%, to $18.38.
In real-estate stocks, WPT Industrial REIT added $3.78, or 16%, to $27.41, while Granite REIT hiked $3.36, or 4%, to $88.04.
Financials also more than broke even with Equitable Group clicking $3.02, or 2.1%, to $150.65, while Power Corporation spiked 64 cents, or 1.5%, to $42.08.
ON BAYSTREET
The TSX Venture Exchange slipped 7.66 points to 917.99
Seven of the 12 TSX subgroups were lower on the day, as gold faltered 2.3%, energy lost 2%, and materials backtracked 1.7%.
The five gainers were led by health-care, up 1%, while real-estate stocks gathered 0.6%, and financials squeezed up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Monday on concerns about global growth, after the 30-stock average notched a record close Friday.
The 30-stock index weakened 106.86 points to end Monday at 35,101.85,
The S&P 500 gave back 4.17 points to 4,432.35,
The NASDAQ recovered 24.42 points to answer the closing bell at 14,860.18
Oil’s slide pushed energy stocks lower with Exxon Mobil dropped 1.2%, and Chevron lost 1.7% Diamondback Energy slipped 3.5%.
Stocks tied to the economic recovery, such as cruise lines and airlines, drifted lower on Monday. Norwegian Cruise Line dropped nearly 1% 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 1%. American Airline unloaded 2.2%, and United Airlines fell 2.5%.
B
erkshire Hathaway’s B shares climbed 0.6% on the back of a solid earnings report. The conglomerate’s operating income jumped 21% year over year to $6.69 billion in the second quarter as its myriad of businesses from energy to railroads benefited from the economic reopening.
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 1.33% from Friday’s 1.30%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.44 to $66.85U.S. a barrel.
Gold prices slid $31.60 to $1,731.40 U.S. an ounce.
