Baystreet.ca - Canada's main stock index was little changed on Monday as gains in materials and energy stocks, boosted by higher commodity prices, was offset by investor caution ahead of crucial U.S. inflation data and the Federal Reserve's monetary policy meeting due later this week.
The S&P/TSX Composite Index recovered 17.64 points to move into Monday noon hour EDT at 22,065.39. The Canadian dollar sank 0.29 cents to 72.65 cents U.S. In corporate news, Bitfarms dropped 1.5% after it approved the adoption of a "poison pill" to fend off a potential hostile takeover attempt by rival Riot Platforms (NASDAQ:RIOT). Bitfarms retreated three cents to $3.27.
ON BAYSTREET The TSX Venture Exchange dipped 1.12 points to 587.13. Seven of the 12 subgroups were positive by noon, with energy sprinting 1.5%, information technology better by 1.2%, and materials gaining 1%. The five laggards were weighed most by communications, down 1.2%, consumer staples, slipping 0.9%, and consumer discretionary stocks, off 0.2%.
ON WALLSTREET The S&P 500 was flat on Monday, as traders looked ahead to the Federal Reserve’s interest rate decision and May inflation data.The Dow Jones Industrials had lost 39.32 points by noon to 38,759.67.The much-broader index recovered 5.64 points to 5,352.63. The NASDAQ took on 45.43 points to 17,178.55.
Nvidia (NASDAQ:NVDA) shares were down 1% as the stock’s 10-1 spilt took effect.
Elsewhere on Monday, investors will also keep an eye on Apple’s Worldwide Developers Conference at which the iPhone maker is anticipated to makes its latest software announcements.Prices for the 10-year Treasury fell, raising yields to 4.46% from Friday’s 4.43%. Treasury prices and yields move in opposite directions. Oil prices rose $1.56 to $77.09 U.S. a barrel. Gold prices gave way $2.90 to $2,322.10