Baystreet.ca - Stocks found their way upward on Monday as the energy sector tracked a steep decline in oil prices, while investors awaited major earnings reports and economic data later this week.
The TSX gained 31.61 points to begin a new week at 24,495.28, after a week in which the index was pounded 1.5%.
The Canadian dollar edged higher 0.03 cents to 72.02 cents U.S.
The U.S. presidential election has entered its final stretch and market bets have been favoring a second Donald Trump administration in recent weeks.
In corporate news, forest products company Canfor (TSX:CFP) reported its third-quarter results on Friday. Canfor tailed off in the first hour 65 cents, or 3.6%, to $17.25.
Investors will also monitor results from Canadian Natural Resources (TSX:CNQ), whose shares started Monday slid $1.58, or 3.2%, to $47.81, and Enbridge (TSX:ENB), falling 13 cents to $56.80.
ON BAYSTREET
The TSX Venture Exchange took on 0.03 points, or 1.4%, to 619.94.
All but one of the 12 TSX subgroups were in the green in the first hour, with consumer staples registering gains of 1%, while health-care was haler 0.9%m and real-estate strengthened 0.8%.
Only energy missed the party, dropping 2.5%.
ON WALLSTREET
Stocks jumped Monday as investors looked for a batch of megacap technology earnings to keep driving the NASDAQ to new heights this week. A cooling geopolitical situation also aided risk sentiment.
The Dow Jones Industrials restored 324.33 points to begin a new week at 42,438.73
The S&P 500 recovered 29.28 points to 5,837.40.
The NASDAQ grabbed 120.45 points to 18,639.05.
This week will also mark the busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. presidential election. Five of the Magnificent Seven companies — Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META) Platforms, Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) — are scheduled to report third-quarter earnings. Shares of Apple rose 0.6% on Monday, while Alphabet climbed 1%.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared, and oil futures sold off on the day. U.S. crude prices were down 6%, along with international benchmark Brent.
Traders are also watching for a slew of key economic data this week, including the September jobs report due Friday; the September personal consumption expenditures, or PCE, price index, expected Thursday; and a preliminary reading on third-quarter gross domestic product out on Wednesday.
Prices for the 10-year Treasury were lower Monday, hiking yields to 4.26% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices slumped $3.90 to $67.88 U.S. a barrel.
Prices for gold were better by $1.30 an ounce to $2.755.90 U.S.