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TSX Fades Ahead of Economic Statement
Canada's main stock index fell on Monday, as investors awaited the government's new spending plans and details of its emergency support measures to tackle the accelerating coronavirus infections across the country.
The so-called Fall Economic Statement will include initial investments on green stimulus measures, a "down payment" on a national childcare plan announced in September, while new COVID-19 relief measures for hard-hit sectors is also expected.
The TSX lost 187.45 points, or 1.1%, to launch into noon hour at 17,209.11.
The Canadian dollar dipped 0.05 cents to 76.97 cents U.S.
The largest percentage gainers on the TSX were Aphria, which jumped 56 cents, or 5.5%, to $10.70, while Shopify rose $59.64, or 4.4%, to $1,402.64. after its global Black Friday sales topped $2.4 billion.
Lightspeed Pos fell $3.95, or 5.5%, the most on the TSX, to $67.70, fter brokerage BTIG downgraded the stock rating to neutral. The second biggest decliner was Silvercorp Metals, down 27 cents, or 3.5%, to $7.55.
On the macroeconomic front, Statistics Canada said municipalities issued building permits worth $8.2 billion in October, down 14.6% from the previous month.
September's peak was the second highest value on record, with October's results more in line with recent months.
The agency also said its industrial product price index fell 0.4% in October, driven mainly by lower prices for lumber and other wood products.
The Raw Materials Price Index increased 0.5%, mostly due to higher prices for animals and animal products and crop products.
ON BAYSTREET
The TSX Venture Exchange dumped 4.25 points to open at 744.95.
All 12 TSX subgroups were in the red, with energy collapsing 2.2%, consumer discretionary stocks down 1%, and real-estate doffed 0.9%.
ON WALLSTREET
Stocks fell sharply on Monday as investors cashed in some of the historically strong gains logged in November.
The Dow Jones Industrials dropped 365.42 points, or 1.2%, at 29,544.95. Salesforce, down 3.7%, and Boeing, off 3.5%, weighed most heavily on the Dow.
The S&P 500 slid 30.46 points to 3,607.70. Energy lost 3.5%, and consumer discretionary sank 1.9% the biggest losers on the broader index.
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The NASDAQ shed 69.24 points to 12,136.61.
Market sentiment took a hit after Reuters reported that the Trump administration is weighing blacklisting Chinese leading chipmaker SMIC as well as national offshore oil and gas producer CNOOC. The move would limit their access to American investors and escalate tensions with China before President-elect Joe Biden takes over.
The blue-chip Dow has risen 11.3% so far this month, on pace for its best monthly performance since January 1987, as promising vaccine developments boosted confidence of a smooth economic reopening. The S&P 500 gained 10%, and the NASDAQ climbed 10.3% in November, both on track to post their biggest monthly advance since April.
Cyclical sectors, those most economically sensitive groups, have led the market’s November rally amid a slew of positive vaccine news. Energy, 2020's biggest loser, has jumped 29% this month, while financials, industrials and materials have all gained at least 11% during this period.
Boeing hiked 47.6% this month, and American Express rose 31.6%,. Chevron, JPMorgan Chase, Disney, IBM and Honeywell each rose more than 20% for November.
More than 266,000 people have died from the coronavirus in the U.S., and more than 13 million cases have been confirmed in the country, according to data from Johns Hopkins University.
Dr. Anthony Fauci, the nation’s top infectious disease expert, said on Sunday that the U.S. is heading into a tough period of the pandemic in which restrictions and travel advisories will be necessary.
Los Angeles County in California imposed a new stay-home order Friday as cases surged in the nation’s most populous county. Meanwhile, New York City public schools will begin to reopen on Dec.7.
However, Moderna said Monday that new trial data showed its Covid-19 vaccine candidate was more than 94% effective. The company added it plans to ask the Food and Drug Administration for emergency clearance later in the day. Moderna shares rallied 17%.
Prices for the 10-Year Treasury climbed slightly, lowering yields to 0.85% from Friday’s 0.84%. Treasury prices and yields move in opposite directions.
Oil prices dipped 60 cents to $44.93 U.S. a barrel.
Gold prices dropped $2.90 to $1,785.20 U.S.
