Stocks in Canada’s biggest centre ended lower on Monday, with the index’s large resource-related component pulled down by a sharp fall in oil prices and weakness in other commodities, while most other sectors rose.
The S&P/TSX composite index fell 79.72 points to close at 13,758.38
The Canadian dollar sank 0.57 cents at 76.83 cents U.S.
Energy stocks fell as U.S. crude slid. Canadian Oil Sands Ltd. lost 1.7% to $9.77 after rejecting a $3.3-billion hostile takeover bid from Suncor Energy Inc
The most influential mover on the index was Valeant Pharmaceutical International Inc, which fell 6.3% to $213.05. The company, facing heavy criticism for sharply increasing the prices of drugs it acquired, said the pace of those price hikes would moderate.
Mining stocks pulled back as concerns about sluggish Chinese growth weighed on prices for copper and steel.
China's economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday.
ON BAYSTREET
The TSX Venture Exchange dropped 4.36 points to 551.93
Eight of the 13 TSX subgroups moved higher on the day, as information technology improved 1.6%, while consumer staples and real-estate each hiked 1.1%.
The five laggards were weighed most by metals and mining, down 4.3%, energy, sliding 3%, and gold, off 2.9%.
ON WALLSTREET
U.S. stocks closed narrowly higher Monday, as investors prepare for a deluge of earnings while digesting Chinese economic data and a tumble in energy prices.
The Dow Jones industrial average turned positive 14.37 points to end the day of 17,230.54, led lower by ExxonMobil and Chevron while Nike and Visa led advancers.
The S&P 500 dipped 1.67 points to 2,031.44, with energy leading six sectors lower and consumer discretionary leading advancers.
The NASDAQ index gained 12.78 points to 4,899.47
One expert reported that, of the 58 companies that had reported as of Friday's close, 71% had beaten Wall Street's estimates for EPS, but only 47% had beaten on revenue.
Over a fifth of S&P 500 companies are scheduled release quarterly results this week. Banking giant Morgan Stanley posted earnings per share 20 cents below estimates before the bell, with revenue also disappointing.
Halliburton reported better-than-expected earnings per share, but missed on revenue. Toymaker Hasbro also beat on earnings, but missed on revenues.
IBM is due to report after the bell.
McDonald's stock was added to Credit Suisse's "U.S. Focus List" and said it considered it one of its "top investment ideas."
United Continental has not updated the condition of CEO Oscar Munoz after being admitted to the hospital Thursday.
Investors also looked at housing data for more clues about the strength of the U.S. economy, with the latest NAHB/Wells Fargo Housing Market index reading coming in at its highest in a decade.
Other Fed speakers this week include Fed Governor Jerome Powell, New York Fed President William Dudley and Fed Chair Janet Yellen, who is scheduled to deliver welcoming remarks at a conference in New York City.
After Yellen delivers her remarks, there will be no more Fed speeches until after the central bank's Federal Open Market Committee meeting.
Wall Street also digested prepared remarks made by Federal Reserve official Lael Brainard, who urged officials to ease the regulatory burden on small banks.
Richmond Fed President Jeffrey Lacker was scheduled to speak at noon, but had to cancel due to illness.
Overnight, China reported a third-quarter gross domestic growth figure of 6.9%, slightly above the expected 6.8%, but also its lowest in six years. China also reported industrial production rose 5%, below the expected 6% increase.
Prices for 10-year U.S. Treasuries recovered strength, lowering yields to Friday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.18 a barrel to $46.08 U.S.
Gold prices sank $6.70 to $1,170.60 U.S. an ounce.
