Equities in Canada’s main stock index fell behind by midday Monday, tracking commodity prices that dropped on demand concerns from top consumer China following reports of surging COVID cases.
The TSX Composite paused for lunch down 112.66 points to 19,998.85
The Canadian dollar skidded 0.10 cents to 75.19 cents U.S.
Health-care skidded Monday morning, as Sienna Senior Lving shares retreated 44 cents, or 3.6%, to $11.80, while Chartwell Retirement Residences fell 29 cents, or 3.4%, to $8.36.
Among techs, HUT 8 Mining weakened 14 cents, or 6.6%, to $1.98, while Payfare shares retreated 31 cents, or 6.1%, to $4.75.
ON BAYSTREET
The TSX Venture Exchange inched up 0.2 points to 600.01.
All but three of the 12 TSX subgroups lost ground, weighed most by information technology and health-care, slipping 1.1% each, while utilities gave up 1%.
The three gainers were communications, up 0.7%, while consumer staples and industrials each nosed up 0.1%.
ON WALLSTREET
The S&P 500 was little changed on Monday after it posted its biggest weekly gain in almost five months on the back of easing inflation data.
The Dow Jones Industrials gained 134.65 points to 33,882.51.
The S&P 500 progressed 5.75 points to 3,998.68
The NASDAQ sagged 22.78 points to 11,301.05.
The major stock indexes were trading off their lows after Federal Reserve Vice Chair Lael Brainard made comments Monday indicating that the central bank could soon slow the pace of its interest rate increases, and providing some comfort to the market.
Ahead of Brainard’s comments, stocks briefly fell to near session lows following news that Amazon will lay off about 10,000 employees as early as this week. Around the same time of the report, a Federal Reserve survey showed consumers’ inflation expectations for the year ahead rose, weighing further on sentiment.
The third-quarter earnings season is set to continue, with a heavy emphasis on retail. Big retailers Walmart, Home Depot, Target, Lowe’s, Macy’s and Kohl’s are all slated to post numbers this week.
Prices for the 10-year Treasury flopped, raising yields to 3.88% from Friday’s 3.81%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.06 to $85.90 U.S. a barrel.
Gold prices jumped $5.80 to $1,775.20 U.S. an ounce.
