Canada’s main stock index had staggered by midday Monday, on weakness in energy and health-care concers, while investors awaited the U.S. Federal Reserve’s rate decision later this week for outlook on global interest rates.
The TSX Composite Index dived 75.73 points to head into noon hour EDT at 22,730/08.
The Canadian dollar dipped 0.13 cents at 72.18 cents U.S.
In company news, shares of BlackBerry slid three cents to $3.38, after the cybersecurity company said Tim Foote will succeed Steve Rai as chief financial officer.
Meanwhile, progress has been made suppressing fires in Jasper, with the remaining ones expected to be put out by the end of the day, authorities said on Saturday.
ON BAYSTREET
The TSX Venture Exchange slumped 4.47 points midday Monday to 547.86.
All but two of the 12 TSX subgroups were down by noon, as energy swooned 1.2%, health-care, down 0.9%, and information technology, off 0.8%.
The two gainers proved to be industrials, up 1.8%, and communications, up 1.2%.
ON WALLSTREET
Equity markets sank by noon hour Monday on news of earnings.
The Dow Jones Industrials faded 100.58 points, off its lows of the morning, to 40,488.76.
The much-broader index sank 5.22 points to 5,453.88.
The NASDAQ dropped 21.47 points to 17,336.41.
This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days.
Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday.
The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.
Monday’s moves come after a volatile week in the stock market. The S&P 500 dipped 0.8% to end the week, while the tech-heavy NASDAQ Composite fell 2.1%. However, the Dow rose 0.8%.
Prices for the 10-year Treasury grew, lowering yields to 4.17% from Friday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices decreased $1.29 at $75.87 U.S. a barrel.
Gold prices lost $4.47 to $2,373.40
