Canada's main stock index stepped back from record highs on Monday as surging prices of precious metals powered mining shares, outweighing trade uncertainty sparked by U.S. President Donald Trump's threat to impose 100% tariffs on Canada.
The TSX index wilted 51.66 points to conclude trading on Monday at 33,093.32.
The Canadian dollar edged downward 0.06 cents at 72.93 cents U.S.
Prime Minister Mark Carney said on Sunday that Canada respects its commitments under the United States-Mexico-Canada trade agreement to not pursue free trade agreements with non-market economies.
U.S.-Canada tensions have grown in recent days following Carney's criticism of Trump's pursuit of Greenland.
Bombardier fell $24.81, or 9.3% to $240.88. A twin-engine Bombardier jet crashed on Sunday while taking off from a Maine airport with eight aboard.
Health-care provided the biggest weight on the index, with Curaleaf sinking 19 cents, or 5.1%, to $3.51, while Bausch Health Companies slipped 11 cents, or 1.4%, to $7.96.
In consumer staples, Alimentation Couche-Tard dipped $1.40, or 1.8%, to $75.47, while North West Companies staggered 88 cents, or 1.7%, to $49.77.
In consumer discretionary issues, Aritzia doffed $2.48, or 4.5%, to $66.12, while Restaurant Brands fell $1.66, or 1.8%, to $92.08.
Gold tried to balance things out, as Eldorado Gold rocketed $2.82, or 4.5%, to $66.12, while Novagold pumped higher $0.75, or 5.5%, to $14.32.
In materials, Ivanhoe Mines hiked 76 cents, or 4.5%, to $17.72, while Lundin Mining captured $1.21, or 3.6%, to $35.29.
In energy, Enerflex gained 65 cents, or 2.9%, to $23.22, while Athabasca Oil picked up 15 cents, or 2%, to $7.71.
ON BAYSTREET
The TSX Venture Exchange dropped 13.83 points, or 1.2%, to 1,140.32.
Seven of the 12 TSX subgroups were lower on the day, weighed most by health-care, off 1.5%, consumer staples, fading 1.2%, consumer discretionary stocks, off 1.1%.
The five gainers were led by gold and materials, each up 1%, and energy, pushing up 0.5%.
ON WALLSTREET
The S&P 500 rose on Monday as traders monitored political developments and braced for a big week of key earnings reports as well as the latest Federal Reserve interest rate decision.
The Dow Jones Industrials spiked 313.69 points to 49,412.40.
The much-broader index picked up 34.62 points to 6,950.23.
The NASDAQ hiked 100.11 points to 23,601.36, supported by about a 3% jump in Apple and a more than 2% gain in Meta Platforms ahead of their earnings reports later in the week. Shares in Microsoft galloped 3% Monday.
To be sure, some stocks have still seen losses this season despite companies topping expectations, such as Intel and Netflix.
More than 90 S&P 500 companies are set to post quarterly reports this week. A few of the “Magnificent Seven” names are on the docket — Meta, Tesla and Microsoft are all due out Wednesday, while Apple is scheduled to report on Thursday.
So far, the earnings season has been strong, with 76% of the companies that have reported beating expectations
Investors were keeping an eye on Washington, as growing outrage over federal immigration agents fatally shooting a U.S. citizen in Minnesota for the second time this month generated concerns of a potential U.S. government shutdown.
Several Democratic senators said they would not approve a $1.2-trillion funding package if it includes an allotment for Homeland Security. One person familiar with Senate GOP leadership said funding for DHS would not be removed, however.
To be sure, some stocks still fell despite companies topping expectations, such as Intel and Netflix
Prices for the 10-year Treasury edged higher, lowering yields to 4.22% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices dipped 25 cents to $60.82 U.S. a barrel.
Gold prices leaped $73.10 to $5,052.80.
