Markets in Canada’s largest centre fell on Monday, but were still set for their fifth straight month of gains amid historic global stimulus and optimism around a post-pandemic economic rebound.
The TSX tumbled 146.21 points to approach noon EDT Monday at 16,559.58.
The Canadian dollar gained 0.2 cents to 76.64 cents U.S.
The largest percentage gainers on the TSX were NovaGold Resources, which jumped a dollar, or 7.8%, to $13.83 and ECN Capital, which rose three cents to $5.20.
Seven Generations Energy fell 18 cents, or 4.2%, the most on
the TSX, to $4.08, while the second-biggest decliner was InterRent REIT, down 63 cents, or 4.8%, to $12.41.
On the economic front, Statistics Canada says its industrial product price index rose 0.7% in July, driven primarily by higher prices for energy and petroleum products and primary non-ferrous metal products.
The Raw Materials Price Index increased 3%, mainly as a result of higher prices for crude energy products.
The agency also said building permits building permits fell in number 3.0% to $7.8 billion
ON BAYSTREET
The TSX Venture Exchange vaulted 7.14 points, or 1%, to break for lunch at 752.45.
All but two of the 12 TSX subgroups stayed negative midday, with energy stumbling 2.6%, real-estate off 2.3%, and health-care paling 2.2%.
The two gainers were gold and materials, both up 0.4%.
ON WALLSTREET
Stocks were mixed on Monday as the S&P 500 and Dow Jones Industrial Average wrapped up their best August performances since the 1980s.
The 30-stock average plunged 211.06 points by noon Monday to 28,442.81
The S&P 500 lost 2.47 points from Friday’s all-time high to 3,505.54.
The NASDAQ Composite advanced 65.74 points to 11,734.04.
The S&P 500 is up 7.2% month to date, putting the broader-market index on track for its biggest August gain since 1984. The Dow has rallied more than 8% this month and is also headed for its best August in 36 years.
This month’s gains have pushed the S&P 500 to record levels, officially confirming a new bull market has started.
Two big stock splits take effect Monday. Apple shares gained 2% as a four-for-one split took effect. Tesla shares added nearly 0.7% following its five-for-one split.
The August rally built on the market’s sharp rebound off the March 23 intraday lows. Since then, the Dow has hurtled 57% and the S&P 500 is up 60.1%.
In an apparent long-term bet on the global economy, Warren Buffett announced Sunday that his Berkshire Hathaway conglomerate had acquired stakes of more than 5% in Japan’s five-leading trading companies.
Those companies are Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co., and Sumitomo Corp. The five businesses import everything from metals to food into Japan and provide services to manufacturers.
The Dow kicked off the week with three new constituents and with Apple having a much smaller influence on the 30-stock average.
At Monday’s open, Salesforce, Amgen and Honeywell were included in the Dow, replacing longtime component Exxon Mobil, Pfizer and Raytheon Technologies.
Prices for the 10-Year Treasury were higher, dropping yields to 0.71% from Friday’s 0.72%. Treasury prices and yields move in opposite directions.
Oil prices regained 16 cents to $43.13 U.S. a barrel.
Gold prices picked up one dollar to $1,975.90 U.S. an ounce.
