Canada's main stock index opened marginally higher on Monday as strong gold prices pushed up mining stocks, helping counter weakness in the energy and technology sectors.
The S&P/TSX Composite moved ahead 23.99 points to begin the week at 21,295.84
The Canadian dollar regained 0.21 cents at 78.66 cents U.S.
TD Securities resumed coverage on Extendicare with a hold rating. Extendicare skinned higher a penny to $7.47.
CIBC raised the rating on Interfor to outperform from neutral. Interfor dropped 40 cents, or 1.1%, to $34.72.
CIBC raised target price on Linamar to $95 from $94.00. Linamar shares eked up four cents to $69.56.
Ottawa Mayor Jim Watson on Sunday declared a state of emergency to help deal with an unprecedented 10-day occupation by protesting truckers which has shut down much of the core of the nation’s capital.
ON BAYSTREET
The TSX Venture Exchange acquired 7.92 points to begin Monday at 862.39.
Eight of the 12 TSX subgroups were in the green in the first hour, with health-care improving 1.8%, utilities climbing 0.7%, and financials up 0.3%.
The four laggards were weighed most by energy, down 1.1%, communications, weaker by 0.3%, and consumer staples, off 0.2%.
ON WALLSTREET
U.S. stocks were mixed Monday after the S&P 500 posted its best week of 2022, boosted by quarterly earnings reports and a better-than-expected January employment report.
The Dow Jones Industrials deducted 6.82 points to open the week at 35,082.92.
The S&P 500 added 8.09 points to 4,508.62
The NASDAQ advanced 96.12 points to 14,194.13.
Investors will be watching more earnings reports this week, though the blistering pace of the past few weeks will slow. Tyson Foods gained more than 9% after beating earnings expectations on Monday. Shares of Amazon rose more than 2%, building on Friday’s post-earnings pop and boosting the NASDAQ.
Some of the most beaten down areas of the market were leading in early trading. Peloton shares surged more than 20% Monday on reports that Amazon and Nike are lining up as possible suitors for the interactive fitness equipment maker. Shares of Snowflake jumped more than 9% after an upgrade from Morgan Stanley.
Spotify saw its shares decline 3.6% after the company said it condemns past use of racial slurs by controversial podcast host Joe Rogan but would not remove him from the streaming site. Artists including Neil Young, Joni Mitchell and India.Arie have asked Spotify to remove their music in protest over Rogan.
Elsewhere, shares of Spirit Airlines jumped 15% after Frontier Airlines announced a deal to merge with its low-cost competitor. The news appeared to boost sentiment among airlines generally, with shares of United and Delta Air Lines rising nearly 2%.
So far 56% of S&P 500 companies have posted quarterly earnings, with 77% beating earnings estimates and 76% topping revenue expectations.
Individual performance has been different, however. Amazon shares added 13.5% on Friday, while Snap surged 58.8%. Facebook-parent Meta dropped 26% on Thursday after its quarterly update. The social media company is coming off its worst week on record.
Another busy week of earnings is on deck with 76 S&P 500 companies set to post results. Three Dow components will provide quarterly updates, including Disney and Coca-Cola. Amgen, Take-Two Interactive and On Semiconductor are among the names that will report earnings on Monday.
Prices for 10-year Treasurys inched downward, raising yields to 1.93% from Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.06 to $91.25 U.S. a barrel.
Gold prices were up $7.10 to $1,814.90 U.S. an ounce.
