Stocks Start Week Muted


Canada’s main stock index started the week on a muted note as gains in materials and energy stocks from higher commodity prices were offset by investor caution ahead of crucial U.S. inflation data and the Federal Reserve’s monetary policy meeting later in the week.

The S&P/TSX Composite Index recovered 17.64 points to open Monday and the week at 22,024.64.

The Canadian dollar faded 0.07 cents to 72.61 cents U.S.

ON BAYSTREET

The TSX Venture Exchange dipped 0.43 points, or 2.3%, to 587.52.

Seven of the 12 subgroups were negative in the first hour, weighed by consumer staples and communications, each down 1.2%, and consumer discretionary stocks, off 0.4%.

The five gainers were led by energy, up 1.4%, gold, better by 0.9%, and information technology, up 0.8%.

ON WALLSTREET

U.S. stocks were slightly lower Monday, as traders looked ahead to the Federal Reserve’s interest rate decision and May inflation data.

The Dow Jones Industrials remained lower 72.13 points to 38,726.86.

The S&P 500 declined 5.14 points to 5,341.85.

The NASDAQ nicked ahead 0.01 points to 17,133.15.

Nvidia may be on a path to dominating the S&P 500 at some point, according to Evercore ISI.

In a Friday note, chip analyst Mark Lipacis said the stock could become 10-15% of the index one day. This volume would give it more than double the influence of current leader Microsoft and other past leaders Apple and Nokia.

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 89 cents to $76.42 U.S. a barrel.

Gold prices gave way $4.40 to $2,320.60



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