Stocks Keep Gains

Equities in Toronto stayed positive midday Monday, as tech stocks marched on and energy stocks gained on the back of higher oil prices.

The S&P/TSX Composite Index remained buoyant 33.5 points to wind into noon hour at 16,519.44.

The Canadian dollar retreated 0.38 cents to 76.28 cents U.S.

Tech issues ruled the roost Monday morning, as Shopify vaulted $10.24, or 2.4%, to $441.29.

First Majestic Silver gained 30 cents, or 2.3%, to $13.24, followed by Home Capital Group, which rose 36 cents, or 1.6%, to $22.39.

SNC Lavalin fell $1.80, or 7.1%, the most on the TSX, to $23.71, after the construction and engineering firm withdrew its forecast for 2019, on significantly lower results as it considers options for its resources unit and exits fixed-price contracts.

On the economic front, Statistics Canada reported wholesale sales were down 1.8% in May to $63.8 billion, following five consecutive monthly increases.

The agency also says lower sales were reported in six sub-sectors, accounting for 86% of total wholesale sales.

ON BAYSTREET

The TSX Venture Exchange added 1.53 points to greet noon at 593.19

Seven of the 12 Toronto subgroups were still on the upside by noon ET, as information technology firms rocketed 1.4%, consumer discretionaries gathered 0.8%, and energy was 0.6% more energetic.

The five laggards were weighed most by health-care, tumbling 1.2%, real-estate, sliding 0.1%, and consumer staples, down 0.03%

ON WALLSTREET

The Dow Jones Industrial Average traded lower on Monday, giving back initial gains, as Wall Street kicked off a big week of earnings. The move also comes as expectations of aggressive policy easing from the Federal Reserve dampen.

The 30-stock index fell back 16.82 points to 27,137.38, as Boeing dropped more than 1% after Finch revised its outlook on the airplane maker to negative.

The S&P 500 inched up 3.94 points to 2,980.55,

The NASDAQ Composite acquired 42.58 points to 8,189.06

More than a quarter of the S&P 500 reports earnings this week including so-called FANG names Facebook, Alphabet and Amazon, along with blue chips like McDonald’s and Boeing. Facebook, Amazon and Alphabet all traded higher on Monday and are also set to report quarterly numbers this week.

So far, more than 15% of the S&P 500 has posted quarterly results. Of those companies, 78.5% have topped analyst expectations for earnings while 67% have reported better-than-expected quarterly revenues

Market expectations for a 25 basis-point rate cut later this month are at 75.5%. Meanwhile, traders are also pricing in a 24.5% chance of a 50 basis-point cut.

Prices for the benchmark 10-year U.S. Treasury moved upward, dropping yields to 2.03% from Friday’s 2.05%. Treasury prices and yields move in opposite directions.

Oil prices added 62 cents at $56.25 U.S. a barrel.

Gold prices stayed afloat 30 cents to $1,427.00 U.S. an ounce.