Baystreet.ca - Equities in Toronto captured mild gains on Monday as losses in energy and mining shares countered investor optimism around interest-rate cuts in the United States.
The TSX Composite Index continued its hot streak, prospering 122.15 points, to open the week at 23,176.76.
The Canadian dollar gained 0.17 cents to 73.27 cents U.S.
ON BAYSTREET
The TSX Venture Exchange poked ahead 3.99 points, or 1.5%, to 570.40
All but two of the 12 TSX subgroups were in the green in the first hour, with materials sprouting 1.2%, energy, up 1%, and gold increasing 0.9%.
The lone laggard was in health-care, down 0.5%. Shares in information technology were unchanged mid-morning Monday.
ON WALLSTREET
Stocks wavered on Monday, taking a breather after the S&P 500 registered its best week of 2024.
The Dow Jones Industrial index ballooned 200.37 points to begin Monday at 40,860.13
The much-broader index gained 22.2 points to 5,576.45.
The NASDAQ sprang back up 58.41 points to 17,690.13.
Stocks are coming off a winning week, the latest turn amid a volatile stretch for equities. Notably, the broad S&P 500 rallied nearly 4% for its best week since 2023, while the NASDAQ jumped more than 5% as tech stocks led the rebound.
August has proven a turbulent month so far. But fresh data last week seemed to subdue an anxious market and boost hopes that the economy can attain a soft landing scenario. Investors saw good stats on retail sales and initial jobless claims, in addition to strong earnings from Walmart (NYSE:WMT). On top of that, the annualized inflation rate measured in July’s consumer price index touched its lowest level in more than three years.
Now, investors are hoping for insights into the path of interest rates amid mounting hopes for a forthcoming cut. Federal Reserve Chair Jerome Powell will speak Friday at the central bank’s symposium in Jackson Hole, Wyoming. Before then, traders will parse minutes from the Fed’s most recent meeting due on Wednesday.
Prices for the 10-year Treasury were static, keeping yields at Friday’s 3.88%.
Oil prices slipped 48 cents at $76.17 U.S. a barrel.
Gold prices tacked on $3.60 to $2,541.40.