Canada's main stock index fell on Monday, weighed down by financial and healthcare stocks, as investors remained cautious of escalating U.S.-Iran tensions and assessed a softer-than-expected domestic inflation reading.
The TSX slid 62.93 points to move into noon hour EDT Monday at 35,200.92.
The Canadian dollar slid 0.20 cents to 71.13 cents U.S.
Financial stocks were among the biggest decliners, led by Canadian Imperial Bank of Commerce, down $2.37, or 2%, to $118.90, and National Bank of Canada, down $4.24, or 1.8%, to $229.82.
The healthcare sector was dragged by losses in Bausch Health Companies, declining 12 cents, or 2.7%, to $4.71, and Curaleaf Holdings ditching a dime to $13.04.
Celestica was among the top gainers, picking up $15.10, or 3.6%, to $43.69. Shopify, up $6.47, or 3.7%, to $179.70. and Tecsys, ahead nine cents to $33.59.
On the economic slate, Statistics Canada reported the consumer price index increased 2.8% year over year in June, following a 3.2% gain in May. On a seasonally adjusted monthly basis, the CPI fell 0.1% in June.
ON BAYSTREET
The TSX Venture exchange sank $9.05 points, or 1.1%, to 845.84.
Seven of the 12 TSX subgroups were higher midday, led by information technology, up 1.5%, while energy chugged higher 0.7%, and materials, up 0.3%.
The five laggards were weighed most by financials, which sank 1.1%, while health-care and industrials each declined 0.6%.
ON WALLSTREET
The S&P 500 and NASDAQ rose on Monday as oil prices fluctuated in response to the latest bout of military exchanges between the U.S. and Iran. Chipmakers also traded higher to give U.S. equity markets a boost.
The Dow Jones Industrials stepped back 126 points to 52,020.42
The much broader index recovered 20.92 points to 7,478.61
The NASDAQ Composite barreled ahead 145.96 points to 25,667.20.
Micron Technology was a key leader of the advance, climbing more than 3%. Astera Labs gained more than 4%, while Teradyne rose more than 5%. Advanced Micro Devices added more than 2%.
The U.S. completed its ninth consecutive day of strikes on Iran overnight, but investor sentiment improved by midmorning in London after Iranian Foreign Ministry spokesman Esmail Baghaei lifted hopes for a diplomatic settlement.
Baghaei told reporters that intermediaries had continued to exchange messages with Iran amid the latest round of U.S. strikes, and said negotiations between the two adversaries could be pursued based on national interests.
That said, U.S. crude futures were last little changed at around $82 per barrel, reversing an earlier gain. International benchmark Brent also eased from levels seen overnight, trading up marginally at nearly $88.
Prices for the 10-year Treasury backpedaled, raising yields to 4.59% from Friday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices dipped 33 cents to $82.16 U.S. a barrel.
Gold prices retreated $3.50 to $4.015.30 U.S. an ounce.
