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TSX Starts Week in Red

Stocks which had collected huge gains last week took the opportunity Monday to take some profits, as health-care and real-estate took a few hits.

The TSX Composite slid 80.91 points to conclude Monday at 19,743.94.

The Canadian dollar sank 0.2 cents at 73 cents U.S.

Health-care stocks let the side down the worst Monday, with Tilray bowing 12 cents, or 4.6%, to $2.51, while Chartwell Retirement Residences units folded 33 cents, or 3.1%, to $10.40.

In the real-estate sector, Boardwalk REIT settled $2.33, or 3.3%, to $6.84, while RioCan REIT units lost 55 cents, or 3%, to $17.78.

In the mining sector, Endeavour Silver slipped 16 cents, or 5.2%, to $2.94, while K92 Mining shares dipped 24 cents, or 4.5%, to $5.13.

In consumer staples, George Weston jumped $2.77, or 1.7%, to $163.60, while Loblaw Companies hiked $1.95, or 1.6%, to $121.52.

Consumer discretionary stocks made their presence felt as well, with Dollarama collecting $1.38, or 1.4%, to $97.32, while Gildan Activewear gained 53 cents, or 1.2%, to $45.95.

In utilities, Boralex picked up 29 cents, or 1.1%, to $29.08, while Northland Lower climbed 10 cents to $22.43.

In the economic docket, Western University’s IVEY School reported its PMI measured 53.4 in October, compared to 53.1 in September and 52.8 in October 2022.

ON BAYSTREET

The TSX Venture Exchange lost 6.18 points, or 1.2%, to 519.07.

All but three of the 12 TSX subgroups lost ground Monday, with health-care slumping 2.1%, real-estate down 1.5%, while materials slid 0.8%.

The three gainers proved to be consumer staples, up 0.9%, while energy and consumer discretionary stocks eked up 0.1%.

ON WALLSTREET

Read:

Stocks eked out narrow gains Monday to build last week’s strong rally, with the NASDAQ Composite notching its longest positive streak since January.

The Dow Jones Industrials held onto gains of 34.54 points to close Monday at 34,095.86.

The much-broader index gained 7.64 points to 4,395.68.

The NASDAQ hiked 40.5 points to 13,518.78.

The tech-heavy index notched seven days of wins for the first time since January while the Dow and S&P rose for sixth straight day, the 30-stock index for the first time since July, the much-broader index since June.

Nvidia added 1.7%, boosted by optimism from Bank of America ahead of its earnings report. Bumble shares slipped 4.4% after announcing its CEO will step down in January. Shares of SolarEdge Technologies tumbled 5.1% on the back of a downgrade from Wells Fargo.

Stocks are coming off their best week of 2023. The Dow notched its biggest weekly advance since October 2022, while the S&P and NASDAQ notched their best weeks since November 2022. A soft monthly jobs report also drove bond yields lower, giving a boost to equities.

Earnings season is winding down, with more than 400 S&P companies having already reported quarterly financial results. Investors this week await updates from Walt Disney, Wynn and MGM Resorts, Occidental Petroleum and D.R. Horton.

Prices for the 10-year Treasury swooned, raising yields to 4.65% from Friday’s 4.57%. Treasury prices and yields move in opposite directions.

Oil prices grew 33 cents to $80.84 U.S. a barrel.

Gold prices skidded 14 dollars to $1,985.20.