Canada's main stock index fell on Monday as elevated oil prices stoked inflation worries and lower precious metal prices weighed on sentiment, while investors assessed consumer price index data from August.
The TSX was down 55.49 points to reach noon EDT Monday at 35,642.
The Canadian dollar fell 0.29 cents to 71.82 cents.
Statistics Canada reported the Consumer Price Index (CPI) rose 3.0% year over year in August, matching the 3.0% increase in July. On a seasonally adjusted monthly basis, the CPI increased 0.2%.
Elsewhere, manufacturing sales declined 0.4% in July, mainly on decreased sales of chemicals and food product manufacturing.
The tech sector will remain in focus as AI-linked stocks on Wall Street fell in premarket trading after the heads of Anthropic and OpenAI warned that the pace of AI development needed to slow down.
Meanwhile, Prime Minister Mark Carney said on Sunday that the country is seeking a "unique alliance" with the European Union but not a membership.
S&P Dow Jones said on Friday it would revise the eligibility criteria for S&P/TSX Canadian indices, which investors believe could pave the way for the inclusion of copper producer Anglo-Teck.
Shares in Anglo-Teck shed $2.54, or 2.8%, to $88.57.
Industrials gained 0.8%, with Thomson Reuters up $10.31, or 7.6% to $145.24, leading gains on the TSX.
ON BAYSTREET
The TSX Venture Exchange lost 9.26 points, or 1%, to 918.60.
Eight of the 12 subgroups were higher midday, led by energy and consumer staples, each up 1.8%, and health-care ahead 1%.
The four laggards were weighed most by gold, down 3.1%, materials, slumping 3%, and utilities, fading 1.6%.
ON WALLSTREET
Stocks fell on Monday as investors monitored a major shakeup in the pipeline for artificial intelligence initial public offerings amid growing safety concerns as well as the latest moves in Treasury yields and oil.
The Dow Jones Industrials faltered 168.73 points to 52,404.56.
The S&P 500 waned 37.64 points to 7,619.34.
The NASDAQ Composite stumbled 138.23 points to 26,069.89.
Global AI-related stocks fell after Anthropic CEO Dario Amodei called for a slowdown of the development of AI capabilities, with other major tech figures backing the proposal.
Amodei said in an essay on Saturday that AI companies need to slow the pace of innovation for their best models due to safety risks, and told CBS News on Sunday that the “toughest dilemma” about such a proposal is what would happen if China did not do the same.
Meanwhile, OpenAI CEO Sam Altman said in a Saturday interview an IPO this year would be “ill-advised.”
AI darling Nvidia fell 3%, while Broadcom shed 4%. Advanced Micro Devices and Intel each declined 5%, while Marvell Technology shed 7%.
Elsewhere, oil prices rose after Saudi Arabia shuttered a key pipeline that bypasses the Strait of Hormuz. West Texas Intermediate crude futures were up 3% at above $103 per barrel, while Brent crude futures gained 4% to above $108.
Prices for the 10-year Treasury gave slightly Monday, raising yields to 4.95% from Friday’s 4.94%. Treasury prices and yields move in opposite directions.
Oil prices re-strengthened $3.36 to $103.41 U.S. a barrel.
Gold prices tumbled $88.20 to $4,320.70 U.S. an ounce.
