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Investors take profits
Equities in Canada’s largest market were softer on Monday, as losses in health-care faltered more than telecoms and consumer staples could lift them up.
The S&P/TSX Composite Index dropped 66.39 points to close Monday at 16,494.73
The Canadian dollar was up 0.16 at 76.1 cents U.S.
Among health-care issues, Aphria dipped 84 cents, or 7.2%, to $10.91, while Canopy Growth stumbled $1.57, or 4.2%, to $36.20.
Syncrude Canada on Friday told buyers it would cut crude deliveries in August by about 35% after an outage last month at its oil sands site in northern Alberta.
Syncrude parent firm Suncor fell $1.02, or 1.9%, to $54.09, while Imperial Oil docked 47 cents, or 1.1%, to $44.32.
Among the top gainers on the TSX was West Fraser Timber Co, which jumped $1.95, or 2.1%, to $93.37, after RBC raised its rating for the stock.
Bombardier, however, dulled the mood among industrials by dropping 19 cents, or 3.4%, to $5.23.
Among telecoms – which did add strength on the day – BCE crept up nine cents to $56.02, while Rogers Communications climbed 44 cents to $66.29.
In consumer staples, Loblaw Companies tallied 14 cents to $69.32, while Metro gained 14 cents to $45.12.
On the economic scene, Statistics Canada reported foreign investment in Canadian securities slowed to $2.2 billion in May, down from $9.1 billion in April. Meanwhile, Canadian investors resumed their investment in foreign securities by adding $5.7 billion worth to their holdings, mainly in foreign bonds.
Statistics released today by the Canadian Real Estate Association show national home sales rose 4.1% from May to June. Actual (not seasonally-adjusted) activity was down 10.7% from June 2017.
ON BAYSTREET
The TSX Venture Exchange dropped 9.61 points, or 1.3%, to 715.63.
Seven of the 12 TSX subgroups were lower midday, as health-care issues slouched 3.5%, energy slumped 2.1%, and industrials subtracted 0.9%.
The five gainers were led by consumer staples, up 0.5%, while telecoms and utilities improved 0.1% each.
ON WALLSTREET
Bank of America shares rose sharply on Monday, leading financial stocks higher, while the broader market struggled for gains as the corporate earnings season kicked into full swing.
The Dow Jones Industrials gained 44.95 points to close at 25,064.36, with Caterpillar, Johnson & Johnson and Exxon Mobil as the biggest laggards and J.P. Morgan Chase outperforming.
The S&P 500 dipped 2.88 points to 2,798.43, as a decline in energy stocks offset gains in financials.
The NASDAQ fell 20.26 points to 7,812.77, as Amazon gave back most of its gains. Amazon eased from an all-time high amid glitches at the start of Prime Day.
Bank of America’s stock rose 4.3% and posted its best day since March 26, when it gained 4.4%. Bank of America gained after the company reported better-than-expected earnings and revenue. Financials rose 1.8%.
BlackRock reported second-quarter earnings and revenue before the bell, along with J.B. Hunt Transport Services. BlackRock's earnings were driven in part by a lower corporate tax rate, while J.B. Hunt's results were helped by higher rates and increased volume.
However, BlackRock shares slipped 0.6%. J.B. Hunt fell 0.6% after rising as much as 6.7%.
Wall Street has high hopes for this earnings season, with analysts expecting second-quarter profits to have grown by 20% from last year. Earnings for the first quarter grew by 24%.
So far, just 5.7% of S&P 500 companies have reported second-quarter results. Overall, 86% of those companies have posted better-than-expected earnings, with profits growing by 20.1%.
Retail sales rose 0.5% in June, in line with expectations, according to the U.S. Commerce Department.
Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields to 2.86% from Friday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $2.93 to $68.08 U.S. a barrel.
Gold prices were unchanged at $1,241.20 U.S. an ounce.
