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TSX Flat to Start New Week



Canada’s main stock index remained flat on Monday despite weakness in resource stocks as broader market gains took hold with global markets buoyed by easing Middle East tensions.

The TSX Composite eased off 0.78 points to close Friday at 21,806.59.

The Canadian dollar edged up 0.05 cents at 72.83 cents U.S.

Companies are set to report quarterly earnings Monday. Miners like First Quantum and Teck Resources, among others, are set to report their figures in Canada.

In company news, Gildan Activewear recommended the election of two Browning West nominees to its board on Monday, ahead of its annual and special shareholder meeting on May 28. Gildan shares dipped 35 cents to $48.07.

It was pulled down by miners such as K92 Mining and Novagold Resources, tracking sharp declines in precious metal prices. shares of uranium miner Energy Fuels fell 8.7% after it announced a deal to buy Australia’s Base Resources for about $241 mln. K92 shares faded 27 cents, or 3.5%, to $7.40, while Novagold fell 25 cents, or 5.9%, to $3.99.

On the economic calendar, Statistics Canada’s industrial product price index increased 0.8% month over month in March and fell 0.5% on a yearly basis, while the raw material price index rose 4.7% from February to March and was up 0.8% year over year in March.

ON BAYSTREET

The TSX Venture Exchange dropped 2.99 points to 564.03

Seven of the 12 TSX subgroups were positive, with information technology ahead 0.9%, while real-estate grabbed 0.8%, and consumer staples took on 0.7%

The five laggards were weighed most by gold, down 3.1%, materials, off 2.2%, and health-care, worse off by 0.3%.

ON WALLSTREET

The S&P 500 rose Monday as Wall Street tried to rebound from a pullback last week, with Middle East tensions easing. Traders also looked ahead to the release of major tech earnings.

The Dow Jones Industrials advanced 89.34 points to open the day and the week at 38,075.76

The much-broader index moved upward 11.44 points to 4,978.67.

NASDAQ gained 23.25 points to 15,307.26.

The moves higher come ahead of a potentially big week for earnings, with the focus on Magnificent Seven tech companies. Chipmaker and artificial intelligence favorite Nvidia climbed 1.5%, rebounding from a nearly 14% selloff last week. Arm Holdings also rebounded more than 4% Monday.

Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead. Tesla reports after the bell Tuesday, Facebook-parent Meta is on deck Wednesday, while Apple, Intel and Microsoft all report Thursday.

There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed’s preferred inflation gauge.

The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.

Prices for the 10-year Treasury inched higher, lowering yields to 4.64% from Friday’s 4.62%. Treasury prices and yields move in opposite directions.

Oil prices dropped 26 cents to $82.88 U.S. a barrel.

Gold prices fell $65.00 to $2,348.80 U.S. an ounce.



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