S&P at New High

Stocks in Canada’s largest centre continued to stub their toes Monday, with weakness in resource and utility stocks the main culprits.

The TSX Composite Index fell 51.22 points to close Monday at 21,587.88.

The Canadian dollar stepped up six cents to 72.86 cents U.S.

Utilities proved the biggest anchor round the necks of the market, with Atco Ltd., down 82 cents, or 2.1%, to $38.61, while Capital Power dropped 82 cents, or 2%, to $41.03.

Communications also took their lumps, with Cogeco sinking 68 cents, or 1.3%, to $51.87, while Telus lost 28 cents, or 1.3%, to $21.44.

In materials, K92 Mining fell 18 cents, or 2.3%, to $7.52, while Winpak doffed 71 cents, or 1.6%, to $44.18.

Consumer discretionary stocks tried to right the ship, with BRP Inc. strengthening $2.07, or 2.4%, to $86.80, while PET Valu Holdings moving higher 46 cents, or 1.8%, to $26.07.

Industrials also did well, with Cargojet Inc. hiking $3.67, or 2.9%, to $131.41, while Waste Connections spiking $5.56, or 2.4%, to $237.12.

In consumer staples, Primo Water grabbed 62 cents, or 2%, to $31.28, while Jamieson Wellness captured 40 cents, or 1.5%, to $27.86.

In economic news, Statistics Canada reported foreign investors acquired $41.2 billion of Canadian securities in April, the largest investment in two years. At the same time, Canadian investment in foreign securities slowed sharply to $2.5 million, from a record investment of $35.6 billion in March.

Moreover, housing starts zoomed to 264,500 in May, compared to 241,100 in the prior-year quarter.

Finally, the Canadian Real Estate Association reported national home sales edged back 0.6% month-over-month in May. Actual (not seasonally adjusted) monthly activity came in 5.9% below May 2023.

ON BAYSTREET

The TSX Venture Exchange dipped 1.16 points to 572.93.

All but three of the 12 subgroups were negative, weighed most by utilities, off 1%, materials, headed south 0.7%. communications, sliding 0.6%,

The three gainers proved to be consumer discretionary stocks, better by 0.6%, industrials, up 0.4%, and consumer staples improving 0.3%.

Read:

• World Bee Day Highlights Need for Agritech Innovations in Sustainable Agriculture

• Key Takeaways from the 2024 ASCO Annual Meeting: Promising Developments in Cancer Care

• US Bans Russian Uranium Imports: What It Means for the Future of Nuclear Power

• Investment in AI Reaches New Heights: Key Insights for Retail Investors

• Beyond Big Tech: Key Players Fueling the $1.8 Trillion AI Infrastructure Boom

ON WALLSTREET

The S&P 500 rose Monday to close at a fresh record close as Wall Street looked to build on last week’s gains.

The Dow Jones Industrials burst out of their lethargy, rumbling 188.94 points to 38,778.10.

The much-broader index gained 41.63 points to 5,473.23.

The NASDAQ surged 168.14 points, to 17,715.77.

Megacap technology stocks led the rally in the S&P, boosting the information technology sector 1.2%. Microsoft rose more than 1%, while Apple jumped 2%. Alphabet, Amazon and Meta Platforms also finished higher.

Nvidia inched up toward record highs as State Street said the chipmaker will likely have a more than 20% weighting in the rebalance of its tech exchange-traded fund, before reversing course. Broadcom shares added 5.4% to hit new highs and build on last week’s 23% gain.

Monday’s gains came after the S&P 500 and NASDAQ posted their seventh weekly gain in eight weeks. Entering the new week, investors wondered if the market could sustain its current momentum.

Investors are monitoring May retail sales data, due out on Tuesday, as well as home sales and housing starts data later in the week.

Prices for the 10-year Treasury sagged, lifting yields to 4.28% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.

Oil prices gained $2.01 to $80.46 U.S. a barrel.

Gold prices fell $14.30 to $2,354.80