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Stocks Sink Like Stone over Election Jitters
Canada's main stock index fell to a one-month low on Monday as global growth worries dented oil prices, while all eyes were on a federal election where Prime Minister Justin Trudeau could cling to power but looked set to lose his bid for a majority.
The TSX Composite plunged 300.14 points, or 1.5%, to start the week at 20,190.20
The Canadian dollar dipped 0.32 cents to 78.01 cents U.S.
Trudeau may cling to power in Monday's election but looks set to lose his bid for a parliamentary majority after a tough campaign that dashed his hopes for a convincing win.
The Teamsters Union has launched campaigns to organize employees in at least nine Canadian facilities of U.S. e-commerce company Amazon.com.
National Bank upped the price target on Canadian National Railway to $151.00 from $144.00. CN shares plummeted $2.46, or 1.6%, to $147.86.
National then resumed coverage on Integra Resources with an outperform rating. Integra slipped a dime, or 3.2%, to $3.05.
CIBC raised the price target on Lightspeed Commerce to $195.00 from $155.00. Lightspeed doffed $6.29, or 4%, to $152.55.
ON BAYSTREET
The TSX Venture Exchange dropped 22.56 points, or 2.5%, to 864.27
All 12 TSX sectors were lower in the early going, with health-care ailing 3.3%, energy off 2.8%, and materials sinking 1.7%.
ON WALLSTREET
U.S. stocks began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.
The Dow Jones Industrial Average thundered lower 509.16 points, or 1.5%, to 34,075.72, set for its biggest one day drop since July 19.
The S&P 500 suffered 73.6 points, or 1.7%, to 4,359.60.
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The NASDAQ Composite dwindled 324.81 points, or 2.2%, to 15,715.84.
COVID cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
Investors are also concerned about brinkmanship in D.C. as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.
Stocks linked to global growth were down the most Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%
Energy stocks tumbled as WTI crude oil fell 2% on concerns about the global economy. Occidental Petroleum, Hess and Devon Energy were among the biggest losers.
Prices for 10-Year Treasurys subsided, raising yields to 1.33% from Friday’s 1.30%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.21 to $70.77 U.S. a barrel.
Gold prices gained $14.20 to $1,765.8 U.S. an ounce.
