Public Relations Newsroom - Promo

Stocks Fall out of the Gate Monday



Equities in Canada’s largest market started the week lower, hurt by a selloff in energy and healthcare stocks, while investors grew cautious ahead of key domestic economic data and the U.S. Federal Reserve’s monetary policy decision later this week.

The TSX Composite stumbled 102.35 points to begin the day and the week at 21,022.93.

The Canadian dollar inched back 0.03 cents at 74.30 cents U.S.

In corporate news, Celestica is set to report its fourth-quarter earnings on Monday after the bell. Shares in the tech company gained 31 cents to $43.28.

CIBC downgraded lender goeasy’s stock to “neutral” from “outperform”. Goeasy shares tumbled $6.12, or 3.8%, to $155.52.

ON BAYSTREET

The TSX Venture Exchange slid 1.9 points to open Monday at 548.96.

All but two of the 12 subgroups lost ground, with energy trailing 0.9%, materials sliding 0.8%, and health-care off 0.7%.

The two gainers proved to be information technology, inching up 0.2%, and consumer staples, eking up 0.1%.

ON WALLSTREET

Stocks were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision.

The Dow Jones Industrials picked up 51.58 points to 38,161.01.

The S&P 500 index muscled up 6.24 points to 4,897.21.

The NASDAQ added 28.08 points to 15,483.44.

This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet — part of the core group of big tech companies that have led this year’s rally — will be posting their results.

Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck.

Shares of iRobot plummeted more than 14% following news that Amazon would no longer pursue a deal to acquire the company.

Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting

Prices for the 10-year Treasury gained ground, lowering yields to 4.11% from Friday’s 4.14%. Treasury prices and yields move in opposite
directions.

Oil prices sagged 84 cents to $77.17 U.S. a barrel.

Gold prices surged $4.90 to $2,022.20.



Source link

About The Author

Scroll to Top