Canada's main stock index opened lower on Monday, as investors remained cautious amid concerns of faster-than-expected rate hikes by central banks to curb rising prices, with the benchmark index set for its worst month since
September.
The S&P/TSX Composite gathered 15.76 points to begin the day and the week at 20,757.51.
The Canadian dollar edged up 0.07 cents at 78.44 cents U.S.
CIBC cut the target price on Converge Technology Solutions to $11.00 from $12.50. Converge inched up two cents to $9.48.
CIBC cut the target price on Softchoice to $31.00 from $37.50. Softchoice shares backed off 31 cents, or 1.3%, to $23.50.
RBC cuts target price on Teck Resources to $52.00 from $53.00. Teck shares dropped 79 cents, or 2%, to $38.43.
On the economic front, Statistics Canada’s industrial product price index rose 0.7% on a monthly basis in December and was 16.1% higher than in December 2020, while its raw materials price index fell 2.9% on a monthly basis in December, but posted a 29.0% year-over-year increase.
Canada will temporarily withdraw non-essential Canadian employees and remaining dependents from its embassy in Ukraine,
the foreign ministry said on Sunday, amid an international standoff over Russian troops massed on the country's borders.
ON BAYSTREET
The TSX Venture Exchange added 4.95 points to 838.33 in the first hour.
Seven of the 12 TSX subgroups were in negative territory to start the week, with real-estate weaker by 0.5%, financials off 0.3%, and industrials down 0.2%.
The five gainers were led by gold, up 0.9%, information technology, ahead 0.7%, and health-care, better by 0.4%.
ON WALLSTREET
Stocks were mixed Monday as traders wrapped up what has been a whirlwind of a month.
The Dow Jones Industrials dumped 99.29 points to begin Monday at 34,676.18. The Dow, off by about 4% this month, is heading for its worst month since October 2020.
The S&P 500 picked up 11.22 points, or 2.4%, to 4,443.07, currently on pace for its worst month since October 2020. The S&P 500 is down 7% in January.
The NASDAQ jumped 155.13 points, or 1.1%, to 13,925.71. The NASDAQ, which is roughly 15% off its November record close, is headed for its worst month since October 2008 and the worst first month of the year of all time. The technology-focused average is down 11% in January.
Netflix gained 7%, and Spotify added 9%, following an upgrade from Citi to buy from neutral.
Tesla shares gained more than 5% following an upgrade of the stock to outperform by Credit Suisse. Other EV makers rose too, with Rivian and Lucid each adding about 4%. Lordstown Motors jumped 18%.
On the downside, a 3% decline in Caterpillar shares weighed on the Dow after Credit Suisse cut its price target on the stock. Walgreens fell more than 1% after it kicked off the sales process for its Boots unit. Travelers Companies lost more than 1% too.
Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Meta Platforms, Amazon and more. About one-third of S&P 500 companies have reported fourth-quarter earnings and 77% have beaten Wall Street’s earnings expectations
Prices for 10-year Treasurys were a tad lower, raising yields to 1.80% from Friday’s 1.79%. Treasury prices and yields move in opposite directions.
Oil prices acquired 54 cents to $87.36 U.S. a barrel.
Gold prices hiked $13.60 to $1,800.20 U.S. an ounce.
