Canada’s main stock index fell on Monday, pulled down by a strong U.S. dollar that weighed on the commodity-heavy index, while investors looked ahead to major domestic bank earnings due later in the week.
The TSX tumbled 130.9 points to move into Monday afternoon at 25,517.10,
The Canadian dollar sank 0.30 cents to 71.06 cents U.S.
In corporate news, Condor Gold said it received two non-binding takeover proposals from Calibre Mining and Metals Exploration. Condor shares gained a penny, or 4%, to 13 cents.
Health-care stocks took a particular pounding, as Bausch Health Companies dropped 56 cents, or 4.7%, to $11.39.
Quarterly earnings from big Canadian lenders, including Royal Bank of Canada, National Bank of Canada and Toronto Dominion Bank, will also be in focus later in the week.
On matters macroeconomic, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index remained above the crucial 50.0 no-change mark for a third successive month in November, improving to 52.0, from 51.1 in October, the rate of growth also improved to its highest since February 2023.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 2.94 points to 617.32.
All but three of the 12 TSX subgroups were still early Monday afternoon with health-care plunging 2%, energy down 1.3%, and gold down 1%.
The three gainers proved to be consumer discretionary stocks, up 0.9%, while communications better by 0.4%, and consumer staples ahead 0.2%.
ON WALLSTREET
The S&P 500 ticked higher to a new record to began December trading as investors looked for stocks to add to big November gains.
The Dow Jones Industrial index declined 159.21 points to 44,751.44
The broader index nicked ahead 14.53 points to 6,046.91.
The NASDAQ Composite spiked 194.67 points, or 1%, to 19,412.83.
Intel jumped 4% after CEO Pat Gelsinger retired after four years of underperformance at the chipmaker. Shares of Tesla gained 3% following an upgrade to buy from neutral at Roth MKM, with the firm citing as a catalyst Musk’s close relationship with President-elect Donald Trump.
AI server maker Super Micro Computer surged 31% after a special committee found “no evidence of misconduct” and that the firm’s financial statements were “materially accurate.”
November marked the best month of 2024 for Dow, which gained 7.5% and S&P 500, with the index improving 5.7% for the period. Most of the gains came in a post-election rally after President-elect Donald Trump emerged as the winner. Both of the indexes notched closing highs in Friday’s shortened trading session.
Bitcoin, which traded near $99,000 on Friday following a 38% surge in November, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.
Prices for the 10-year Treasury fell a bit, raising yields to 4.19% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices fell 17 cents to $67.83 U.S. a barrel.
Prices for gold slipped $17.90 an ounce to $2,663.10 U.S.
