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TSX Falls by Noon

Canada's main stock index slipped on Monday as materials and utilities shares fell, while investors awaited fresh U.S. economic data and comments from Federal Reserve officials this week.

The TSX Composite Index fell 132.69 points to make it to lunch hour at 21,506.41.

The Canadian dollar slipped 0.08 cents to 72.73 cents U.S.

Among Canadian stocks, shares of Primo Water rose 6.8% to the top of the benchmark index after the packaged water company entered a merger agreement with peer Bluetrition. Primo shares bounced $1.15, or 3.8%, to $31.81.

In economic news, Statistics Canada reported foreign investors acquired $41.2 billion of Canadian securities in April, the largest investment in two years. At the same time, Canadian investment in foreign securities slowed sharply to $2.5 million, from a record investment of $35.6 billion in March.

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Moreover, housing starts zoomed to 264,500 in May, compared to 241,100 in the prior-year quarter.

Finally, the Canadian Real Estate Association reported national home sales edged back 0.6% month-over-month in May. Actual (not seasonally adjusted) monthly activity came in 5.9% below May 2023.

ON BAYSTREET

The TSX Venture Exchange dipped 2.57 points to 571.52.

All but three of the 12 subgroups were negative, weighed most by information technology, down 1.3%, utilities, off 1.1%, communications, sliding 1%.

The gainers proved to be industrials, up 0.5%, consumer staples, up 0.4%, and consumer discretionary stocks, better by 0.3%.

ON WALLSTREET

The S&P 500 rose slightly Monday as Wall Street attempted to build on records set last week.

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The Dow Jones Industrials remained negative 2.42 points to 38,586.34.

The much-broader index regained 9.08 points to 5,440.68.

The NASDAQ surged 26.89 points, to 17,715.77.

Amazon, Alphabet and Meta Platforms slipped slightly. Nvidia shares also rose to a record high before pulling back.

The major averages were mixed last week, with the blue-chip Dow posting its third losing week in four, while the S&P and Nasdaq rallied to record highs and notched their seventh up week in the last eight.

Investors will assess this week the sustainability of the ongoing rally and whether it can continue. Markets will be closed Wednesday for the Juneteenth holiday.

Investors are monitoring May retail sales data, due out on Tuesday, as well as home sales and housing starts data later in the week.

Prices for the 10-year Treasury sagged, lifting yields to 4.29% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.

Oil prices gained 85 cents to $79.30 U.S. a barrel.

Gold prices fell $23.o0 to $2,326.10