Canada's main stock index plunged in Monday’s first hour as energy stocks surged after major oil producers of the world agreed to output cuts.
The S&P/TSX Composite Index fell 157.69 points, or 1.1%, to 14,008.94.
The Canadian dollar eked up 0.05 cents to 71.56 cents U.S.
Markets in North America were closed Friday for Good Friday.
Bombardier is taking early steps to revive the assembly of its most lucrative business jets after production was halted for weeks because of the coronavirus outbreak, even as the pandemic risks sapping demand for corporate aircraft.
CIBC cut the rating on Bombardier to 70 cents from two dollars. Bombardier shares erased half a cent, or 1.1%, to 47 cents.
CIBC also cut the rating on AutoCanada to underperform from neutral. AutoCanada faded 22 cents, or 3.6%, to $5.82.
ON BAYSTREET
The TSX Venture Exchange gained 2.45 points to 424.42
All 12 TSX subgroups lost ground in the first hour, with real-estate tanking 3.6%, consumer discretionary falling 2.7%, and health-care ditching 2.6%.
ON WALLSTREET
Stocks fell on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook along with a historic oil production cut.
The Dow Jones Industrial Average rocketed 285.80 points, or 1.2%, to 23,719.37
The S&P 500 jumped 39.84 points, or 1.5%, to 2,789.82.
The NASDAQ Composite gained 62.67 points to 8,153.58
Caterpillar was the worst-performing stock in the Dow, falling more than 5%. The stock was pushed lower by a downgrade from a Bank of America analyst.
Johnson & Johnson, JPMorgan Chase, and Bank of America are among the companies scheduled to report earnings this week. Several companies have removed their earnings guidance, citing the coronavirus outbreak, while others have slashed their profit forecasts.
The U.S. stock market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on Sunday he was cautiously optimistic that the outbreak was slowing down in the U.S. He also said parts of the country may start to reopen next month.
However, Fauci added this does not mean the entire country would flip a "light switch" and go back to normal.
Confirmed cases in the U.S. now total nearly 550,000, more than any other country in the world, according to Johns Hopkins University. New York State accounts for more than 189,000 of those cases. The death count in the U.S. from the virus is more than 21,000.
Prices for the 10-Year U.S. Treasury were lower, raising yields to 0.74% from Thursday’s 0.73%. Treasury prices and yields move in opposite directions.
Oil prices boosted 93 cents to $23.69 U.S. a barrel.
Gold prices slumped $19.30 to $1,733.50 U.S. an ounce.
