Stocks Gain Marginally

Canada's main stock index was muted at market open on Monday as losses in energy stocks were offset by gains in industrials, while shares of Teck Resources gained on attracting multiple buyout offers.

The TSX pointed up 18.66 points to kick off the week at 20,598.57.

The Canadian dollar slid 0.10 cents to 74.63 cents U.S.

Teck, for its part, has been approached by Vale SA, Anglo American Plc and Freeport-McMoRan, among others, to explore deals for its base metals business if the copper miner goes ahead with a planned split. Teck shares jumped $4.33, or 7.2%, to $64.76.

On the economic calendar, Statistics Canada reported foreign investment in Canadian securities totalled $4.6 billion in February, led by acquisitions of corporate bonds. Meanwhile, Canadian investors reduced their exposure to foreign securities by $1.6 billion, a third consecutive month of divestment., while wholesale sales declined 1.7% to $85.6 billion in February. Decreased sales in the motor vehicle and motor vehicle parts and accessories and the food, beverage and tobacco subsectors led the decline.

The Canadian Real Estate Association noted national home sales rose 1.4% month-over-month in March. Actual (not seasonally adjusted) monthly activity came in 34.4% below March 2022.

ON BAYSTREET

The TSX Venture Exchange slipped 3.11 points on the day to 634.73.

Eight of the 12 TSX subgroups were positive in the first hour, as industrials and health-care each tacked on 0.8%, while energy inched up 0.2%.

The four laggards were weighed most by gold, dulling in price 1.6%, consumer staples, down 0.4%, and materials, off 0.3%.

ON WALLSTREET

Stocks were flat Monday, as traders pored over the latest batch of corporate earnings results, looking for clues on the health of corporate America.

The Dow Jones Industrials took on 41.25 points to start out the week at 33,927.72

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The S&P 500 inched up 2.02 points Monday to 4,139.66.

The NASDAQ dipped 6.09 points to 12,117.37.

Earnings season continued with results from State Street, M&T Bank and Charles Schwab. Schwab shares, which have been under pressure recently as traders feared the brokerage may suffer a similar fate to regional banks Silicon Valley Bank and Signature Bank, fell 1.8%.

Despite broader banking concerns, the company’s defended its financial position, noting last month it has a low loan-to-deposit ratio.

Investors have been eyeing the overall health of the financial sector after the collapse of Silicon Valley Bank last month spurred a liquidity crisis.

Corporate earnings got off to a positive start last week as banking giants Wells Fargo and JPMorgan Chase beat expectations, seeming to suggest that larger banks are faring better than expected despite mounting recession fears. But discouraging retail sales data showed a slowdown in consumer spending by 1% in March pulled markets lower Friday.

Prices for the 10-year Treasury docked some of their strength, raising yields to 3.58% from Friday’s 3.51%. Treasury prices and yields move in opposite directions.

Oil prices sank 58 cents to $81.94 U.S. a barrel.

Gold prices backtracked $9.50 to $2,006.30 U.S. an ounce.