Equity markets in Toronto fell on Monday, hurt by a selloff in energy and material stocks, while investors grew cautious ahead of key domestic economic data and the U.S. Federal Reserve's monetary policy decision later this week.
The TSX Composite stumbled 102.35 points to move into noon hour EST at 21,022.93.
The Canadian dollar inched back 0.03 cents at 74.30 cents U.S.
On the corporate side, goeasy fell 4.3% after brokerage CIBC downgraded the company's stock to "neutral" from "outperform".
ON BAYSTREET
The TSX Venture Exchange poked ahead 1.33 points to break for lunch Monday at 552.19.
Eight of the 12 subgroups lost ground, with energy trailing 0.6%, while communications and financials each lost 0.5%.
The four gainers were led by information technology, up 0.5%, while consumer staples and gold each scratched up 0.1%.
ON WALLSTREET
Stocks were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision.
The Dow Jones Industrials faded 9.15 points by lunch hour to 38,100.28.
The S&P 500 index fought its way up 3.31 points to 4,894.28.
The NASDAQ added 36.01 points to 15,491.37.
Stocks were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision.
This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet — part of the core group of big tech companies that have led this year’s rally — will be posting their results. Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck.
Shares of iRobot plummeted more than 10% following news that Amazon would no longer pursue a deal to acquire the company.
Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting
Prices for the 10-year Treasury gained ground, lowering yields to 4.10% from Friday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices sagged 99 cents to $77.02 U.S. a barrel.
Gold prices surged $7.30 to $2,024.60.
