Investors did some profit-taking Monday, driving index levels downward after the dizzy heights of last week.
The TSX Composite shrank 189.7 points to conclude Monday trading at 19,921.81
The Canadian dollar skidded 0.24 cents to 75.15 cents U.S.
Utilities proved the biggest anchor around the markets, with Algonquin Power skidding $1.81, or 14.7%, to $10.53, while Superior Plus handed over 36 cents, or 3.5%, to $10.03.
Among health-care plays, Chartwell Retirement Residences lost 44 cents a unit, or 5.1%, to $8.21, while Bausch Health Companies fell 40 cents, or 4%, to $9.53.
Real-estate stocks were in the tank, with Colliers International Group chucking $6.52, or 4.9%, to $127.45, while units of Allied Property REIT sank $1.18, or 4.4%, to $25.58.
The market found some relief in communications stocks such as Rogers, up $1.02, or 1.7%, to $58.52, while Cogeco Communications picked up 73 cents, or 1%, to $73.06.
Gold was in the positive range, as Equinox Gold added 22 cents in price, or 4.6%, to $5.05, while Sandstorm Gold increased six cents, or 1%, to $7.04.
In materials, Osisko Mining muscled up 15 cents, or 4%, to $3.86, while Nutrien took hold of $2.18, or 2.2%, to $103.91.
ON BAYSTREET
The TSX Venture Exchange gained 1.94 points to 601.75.
Eight of the 12 TSX subgroups lost ground, weighed most by utilities and health-care, slipping 2% each, while real-estate lost 1.9%.
The four gainers were led by communications, up 0.8%, while gold and materials each grabbed 0.4%.
ON WALLSTREET
Stocks fell to start the week as investors took a pause from last week’s big rally and digested a slew of corporate and economic news.
The Dow Jones Industrials dumped 211.16 points to 33,536.70.
The S&P 500 reversed 35.68 points to 3,957.25
The NASDAQ plummeted 127.11 points, or 1.1%, to 11,196.22.
Trading was choppy throughout the day, with the market struggling for direction throughout the session and then sliding into the close.
Earlier in the day, the major stock indexes came off their lows after Federal Reserve Vice Chair Lael Brainard indicated the central bank could soon slow the pace of its interest rate increases, providing some comfort to the market.
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.
Shares of Qurate Retail, the media company that owns home shopping networks QVC and HSN, popped 7% Monday after famed investor Michael Burry revealed a fresh bet on the company.
Burry, known for calling the subprime mortgage crisis, bought $10 million worth of Qurate Retail, making it his second-biggest holding at the end of the third quarter, according to a new regulatory filing.
Prices for the 10-year Treasury fell, raising yields to 3.87% from Friday’s 3.81%. Treasury prices and yields move in opposite directions.
Oil prices dropped $3.80 to $85.16 U.S. a barrel.
Gold prices jumped $5.40 to $1,774.80 U.S. an ounce.
