Canada's main stock index opened higher on Monday, as a slide in oil prices tempered inflation worries, while investors awaited key U.S. inflation data due later in the week.
The TSX gained 336.16 points to kick off the week at 36,125.25.
The Canadian dollar nicked higher 0.03 cents at 70.86 cents U.S.
Markets are pricing in an 80% chance for the Fed to hike interest rates again in its December meeting.
Barrick Mining posted a rise in third-quarter profit as higher gold prices outweighed the impact of a decline in production. Barrick shares hiked $1.98, or 3.5%, to $59.18.
Strathcona Resources said on Sunday it would acquire Greenfire Resources in a deal valued at about $2.7 billion to $2.9 billion, including debt, as the oil producer expands its presence in Alberta's oil sands region. Strathcona shares leaned lower 27 cents to $36.07, while those for Greenfire acquired three dollars, or 37.8%, to $10.93.
ON BAYSTREET
The TSX Venture Exchange edged up 2.12 points, or 2%, to 824.14.
Seven of the 12 subgroups were in the green in Monday’s first hour, led by gold, hiking 3.9%, materials, higher by 3.5%, and industrials, jumping 1.2%.
The five laggards were burdened by information technology, sliding 1.4%, telecoms, off 0.7%, and energy, 0.6% less energetic.
ON WALLSTREET
Stocks surged on Monday, boosted by a decline in oil prices, as traders kept a close eye on technology shares after last week’s volatility.
The Dow Jones Industrial index blasted out of the blocks 811.58 points, or 1.6%, to 52,097.61.
The S&P 500 index accelerated 130.16 points to 7,376.92.
The tech-heavy NASDAQ staged a comeback climbing 264.43 points, or 1.1%, to 24,579.43.
Friday’s market partially rebounded from Thursday’s brutal AI-driven selloff, as chip stocks recovered on renewed buying. However, concerns linger in the wake of the Democrats’ strong midterm results, with investors fearing that tighter regulations on data center construction, energy use, and development costs could slow the AI infrastructure boom.
The tech sector also focused on the bombshell announcement Sunday that Nvidia’s board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies say is a Chinese spy. Nvidia shares were last down 6%.
Other chip stocks advanced, however, with Broadcom and Advanced Micro Devices each popping 5%. On Semiconductor also rose 3%.
Additionally, other “Magnificent Seven” names were higher contrary to Nvidia. Amazon gained 5%, while Tesla and Alphabet climbed more than 3%. Microsoft added 2%.
Prices for the 10-year Treasury hesitated, raising yields to Friday’s 4.86%. Treasury prices and yields move in opposite directions.
Oil prices withered $3.27 to $87.56 U.S. a barrel.
Gold prices recovered $56.50 to $4,131.40 U.S. an ounce.
