Stocks in Toronto hit a two-month low on Monday, dragged down by energy and material stocks, as worries about the fallout from China's COVID-19 outbreak knocked oil and metal prices lower.
The TSX Composite Index plummeted 281.92 points, or 1.3%, on the heels of a big weekly loss last week, to open trading Monday at 20,904.46.
The Canadian dollar faded 0.21 cents to 78.38 cents U.S.
CIBC raised the target price on AutoCanada to $46.50 from $46.00. AutoCanada shares jettisoned 63 cents, or 2%, to $31.30.
National Bank of Canada raised the target price on Precision Drilling to $120.00 from $80.00. Precision shares began Monday off $4.01, or 4.4%, to $87.67.
National Bank of Canada upped the rating on Trican Well Service to outperform from sector perform. Trican shares removed four cents to $4.27.
ON BAYSTREET
The TSX Venture Exchange loosed 16.69 points, or 2%, to 819.94.
All but one of the 12 TSX subgroups were lower in Monday’s first hour, with energy stumbling 3.8%, materials sliding 3%, and gold, off 2.9%.
Only information technology held out against the negative tide, gaining 0.4%.
ON WALLSTREET
U.S. stocks dipped Monday, continuing an April market sell-off that has pushed the Dow Jones Industrial Average lower for four straight weeks.
The 30-stock index lost another 380.7 points, or 1.1%, to 33,430.70, following Friday, its worst day since 2020.
The S&P 500 skidded 55.72 points, or 1.3% to 4,216.06,
The NASDAQ Composite let go of 102.86 points to 12,736.44.
Fear about a global economic slowdown loomed as Asian stock markets cratered Monday amid concerns about COVID case spikes in China. Oil prices declined and yields retreated on the fears.
Wall Street is also bracing for a stacked week of earnings, including reports from major technology companies like Amazon and Apple.
Energy shares retreated, comprising the worst-performing S&P 500 sector Monday. Chevron fell more than 2% and Exxon Mobil lost more than 4%.
Coca-Cola shares were marginally higher after the company reported better-than-expected quarterly earnings before the bell Monday.
Investors are watching Twitter as well, which reportedly is re-examining Elon Musk’s takeover bid. The social media company is nearing a deal to sell itself to the billionaire investor, The New York Times reported, citing unnamed sources. Twitter shares were more than 3% higher
Treasury prices slouched, springing yields up to 2.78% from Friday’s 2.9%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $4.88 at $97.19 U.S. a barrel.
Gold prices dipped $34.40 to $1,899.30 U.S. an ounce.
