Baystreet.ca - Equities in Toronto ended Monday feeling around for the bruises, weighed mostly health and resource stocks, in suspense of what may happen south of the border
The TSX stumbled 231.41 points by the close Monday at 24,536.32.
The Canadian dollar eked up 0.09 cents at 69.45 cents U.S.
Canadian investors have been on edge as they wonder whether U.S. President-elect Donald Trump, set to take office on January 20, would stick with his plans of a 25% tariff on Ottawa.
In corporate news, renewable fuel producer Tidewater Renewables on Friday announced the sale of its interest in the Rimrock Renewables natural gas partnership. Tidewater shares regained a penny, or 1.3%, to 80 cents.
Elsewhere, Barrick Gold (NYSE:GOLD) recommended that its shareholders reject an unsolicited offer by TRC Capital Investment to buy about 0.29% of the miner's common stock. Shares of the company fell 44 cents, or 1.9%, to $22.26.
In health-care stocks, Bausch Health (TSX:BHC) Companies dropped 74 cents, or 6.5%, to $10.64, while those for cannabis concern Tilray (TSX:TLRY) dropped four cents, or 2.3%, to $1.71.
Other gold stocks of note included Equinox Gold (TSX:EQX), off 40 cents, or 4.5%, to $8.41, while Eldorado Gold (TSX:ELD) ducked 93 cents, or 4%, to $22.11.
In energy, MEG Energy (TSX:MEG) subsided $1.42, or 5.7%, to $23.69, Canadian Natural Resources (TSX:CNQ), sliding $1.78.
Communications tried to balance things out, with Rogers gaining 42 cents, or 1%, to $42.25, while BCE (TSX:BCE) added 28 cents to $33.38.
ON BAYSTREET The TSX Venture Exchange lost 7.65 points, or 1.3%, to close Monday to 600.77.
All but one of the 12 TSX subgroups lost ground Monday, with health-care sagging 2.2%, gold. sinking 2%, and energy, off 1.8%.
The lone gainer proved to be communications, better by 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average climbed higher Monday, outperforming the market, while the NASDAQ Composite slipped as traders continued to sell off major tech stocks that have powered the bull market.
The 30-stock index leaped 358.67 points to conclude Monday at 41,297.12, as investors rotated into non-tech shares like Caterpillar (NYSE:CAT), JPMorgan and UnitedHealth (NYSE:UNH)
The S&P 500 Index squeaked higher 9.21 points to 5,836.25.
The tech-heavy slipped 73.53 points to 19,088.10.
All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
Stocks are coming off a losing week. The 30-stock Dow and S&P 500 both ended the week 1.9% lower, while the NASDAQ Composite lost 2.3%. All three are now in the red for the young year.
Palantir (NASDAQ:PLTR) dipped 4% and Nvidia (NASDAQ:NVDA) lost 2%, building upon their losses from last week. Nvidia fell nearly 6% during the period, while Palantir lost 11%. Other popular tech shares including Tesla (NASDAQ:TSLA) and Micron (NASDAQ:MU) were also down.
Investors are hoping the start of the fourth-quarter earnings season with stabilize markets. Banks including Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) report on Wednesday, while Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) will post results on Thursday.
Data this week includes the December consumer price index on Wednesday morning. Before that, investors will parse wholesale inflation with December’s producer price index report on Tuesday.
Prices for the 10-year Treasury sank, lifting yields to 4.79% from Friday’s 4.76%, its highest level since late 2023 after the jobs report. Treasury prices and yields move in opposite directions.
Oil prices gained $2.16 to $78.73 U.S. a barrel.
Prices for gold tumbled $35.20 an ounce to $2,679.80 U.S.