Stocks in Toronto backed off Monday from the spots at which they ended last week, weighed most by resource and consumer stocks.
The TSX sank 52.59 points to conclude Monday at 35,252.72.
The Canadian dollar was ahead 0.05 cents to 70.65 cents U.S.
Meanwhile, investors await the Bank of Canada policy decision due Wednesday.
The Bank of Canada is expected to keep its key policy rate unchanged at 2.25% on Wednesday, as signs of easing underlying price pressures give policymakers little reason to raise borrowing costs, while a rebound in economic growth after a technical recession reduces the need for any stimulus.
Among individual stocks, Air Canada slipped 77 cents, or 3.2%, to $23.68, after the airline said it had reached a tentative collective agreement with the union representing about 11,000 technical operations, airport, cargo, logistics and supply employees.
Gold stocks took their lumps, with Aya Gold & Silver stumbling $1.59, or 5.5%, to $27.09, while Montage Gold tailed off $1.78, or 10.3%, to $15.45.
Among materials, Discovery Silver tanked 54 cents, or 6.2%, to $8.11, while First Majestic Silver dropped $3.44, or 8.8%, to $35.90.
In consumer discretionary stocks, Aritzia descended $10.48, or 6.6%, to $149.57, while Gildan Activewear slid $1.16, or 1.6%, to $73.17.
Energy stocks tried to even things out, as Kelt Exploration captured 46 cents, or 4.9%, to $9.77, while Strathcona Resources zoomed $1.89, or 4.9%, to $40.58.
Health-care stocks moved higher, too, as Curaleaf gained 66 cents, or 4.9%, to $14.16, while Bausch Health Companies picked up 11 cents, or 1.6%, to $6.88.
In consumer staples, Empire Company tallied $1.16, or 2.4%, to $50.18, while Metro Inc. was up 90 cents, or 1%,
ON BAYSTREET
The TSX Venture Exchange stumbled 24.7 points, or 2.7%, to 881.28
The 12 subgroups were evenly split, with gold dulling 3%, while materials fumbled 2.9%, and consumer discretionary stocks declined 1%.
The half-dozen gainers were led by energy, 2% more energetic, while health-care was haler 1.2%, and consumer staples were stronger 0.9%.
ON WALLSTREET
Stocks fell on Monday after President Donald Trump announced he was reinstating what he called a blockade on Iranian shipping through the Strait of Hormuz.
The Dow Jones Industrials slid 138.19 points to 52,498.82.
The S&P 500 index shed 59.56 points to 7,515.83.
The NASDAQ Composite dropped 408.43 points, or 1.6%, to 25,873.18
“We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving,” Trump said in a post on Truth Social.
“The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,’ but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.”
Trump on Saturday ordered airstrikes on Iran after Tehran attacked a commercial vessel transiting the strait.
Shares in Micron Technology were down 5%, while shares of Sandisk shed 13%. Seagate Technology fell 6%. Elsewhere, Advanced Micro Devices was 4% lower, while Intel pulled back 7%.
Major U.S. banks — including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo — are among the 28 S&P 500 companies set to report earnings this week. Quarterly results from Netflix, Johnson & Johnson and UnitedHealth are also on deck.
Prices for the 10-year Treasury dipped, raising keeping yields to 4.62% from Friday’s 4.56%. Treasury prices and yields move in opposite directions.
Oil prices soared $6.51 to $77.92 U.S. a barrel.
Gold prices waned $107.20 to $4,006.70 U.S. an ounce.
