Stocks Gain to Start Week

Stocks in Toronto won hard-fought gains Monday, at the outset of earnings week.

The TSX tacked on 41.2 points to finish Monday at 20,583.23.

The Canadian dollar crept upward 0.04 cents to 74.77 cents U.S.

Tech had a banner day, with BlackBerry climbing 36 cents, or 5.4%, to $6.65, while Converge Tech Solutions acquired 17 cents, or 5%, to $3.54.

In discretionary stocks, Linamar jumped $1.56, or 2.4%, to $66.15, while Park Lawn Corporation advanced 34 cents, or 1.4%, to $25.36

Health-care issues were also successful, with Bausch Health Companies marching 22 cents, or 2.8%, to $8.00, while Sienna Senior Living grabbed a nickel to $11.05.

Communications let the side down somewhat, TELUS dragging 48 cents, or 1.7%, to $27.65, while BCE lost 18 cents to $64.26.

Gold lost some strength, primarily Barrick Gold, dropping 49 cents, or 1.8%, to $26.56, while NovaGold slid 13 cents, or 1.7%, to $7.38.

In real-estate, Altus Group slumped $1.50, or 3.4%, to $42.70, while FirstService chucked $4.92, or 2.5%, to $191.42,

ON BAYSTREET

The TSX Venture Exchange took on 5.09 points, to conclude Monday at 620.49.

Seven of the 12 TSX subgroups were in the green by the closing bell, with information technology riding higher 1.8%, consumer discretionary stocks up 0.9%, and health-care ahead 0.6%.

The five laggards were weighed most by communications, down 0.6%, while gold and real-estate each plunged, off 0.5%.

ON WALLSTREET

The S&P 500 closed near the flat line on Monday as investors looked ahead to pivotal inflation readings, including April’s consumer price index report.

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The Dow Jones Industrials retreated 55.83 points at 33,618.55.

The much-broader index nicked up 1.87 points to 4,138.12.

The NASDAQ Composite recovered 21.5 points to 12,256.92.

Meanwhile, select bank shares ticked higher to begin the week. Shares of PacWest gained 3.6%. Late Friday evening, the bank announced that it would cut its dividend to just one cent per share from 25 cents per share in the prior quarter. Western Alliance shares ended the day up about 0.6%. Big banks Wells Fargo and JPMorgan Chase also rose.

Investors are reportedly debating if the banking crisis has finally abated.

Elsewhere, shares of Disney rose more than 2%. The company is set to report quarterly results on Wednesday.

Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after Warren Buffett’s conglomerate reported its first-quarter results. The conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion. Buffet personally discussed topics including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway’s annual meeting in Omaha, Nebraska.

Investor attention will turn to April’s consumer price index due out Wednesday, followed by the producer price index on Thursday. Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.

Prices for the 10-year Treasury sagged, raising yields to 3.52% from Friday’s 3.44%. Treasury prices and yields move in opposite directions.

Oil prices leaped $1.48 to $72.82 U.S. a barrel.

Gold prices picked up $4.20 to $2,029.00 U.S. an ounce.