Toronto stocks fell at open on Monday, driven by declines in materials shares as gold prices slipped, while investors awaited key economic data from the U.S. and Canada that could give direction on central banks' monetary tightening plans.
The TSX swooned 156.7 points, to begin Monday at 20,250.87.
Among company earnings, Suncor Energy is set to report quarterly results later in the day. Its stock dipped 63 cents, or 1.5%, to $42.03.
ON BAYSTREET
The TSX Venture Exchange stumbled 6.39 points, or 1.5%, to 600.75.
All but one of the 12 TSX subgroups began the session in the red, with materials stepping back 1.9%, gold dulling 1.7%, and health-care faded 1.3%.
The solitary gainer proved to be in utilities, up 0.1%.
ON WALLSTREET
Stocks inched down Monday as Wall Street failed to shake off a rough start to August.
The Dow Jones Industrials let go of 26.3 points to start the session at 35,255.10.
The S&P 500 index surged 5.92 points to 4,469.97.
The NASDAQ index gained 35.11 points to 13,679.96.
Shares of Tesla fell more than 2% after the company announced price reductions for certain Model Y units in China. Nikola shares tumbled nearly 12% following an electric-truck recall.
The moves come as stocks have struggled to sustain their rally in the late summer. Last week, the S&P 500 gave back 0.3%, and the NASDAQ fell 1.9%, It was the NASDAQ’s first two-week losing streak of the year.
The Dow, however, gained 0.62% for its fourth positive week in five.
This week could be driven by insights into the state of the U.S. consumer, with earnings reports due from Home Depot, Target and Walmart.
Retail sales data from July is also due out on Tuesday morning.
Prices for the 10-year Treasury backtracked, raising yields to 4.20% from Friday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices slipped 70 cents to $82.49 U.S. a barrel.
Gold prices doffed $11.00 to $1,935.60 U.S. an ounce.
