Stocks Uniformly Negative After Hefty Gains Last Week

Equities in Canada’s largest market went south Monday, burdened mostly by energy and health-care stocks.

The TSX Composite Index slid 163.19 points to close Monday’s session at 28,169.94

The Canadian dollar nipped lower 0.14 cents to 72.17 cents U.S.

Health-care lay most heavily on the markets Monday, with Bausch Health Companies skidding 26 cents, or 2.5%, to $10.12, while Sienna Senior Living lost 20 cents, or 1.1%, to $17.73.

In the industrial sector, CAE dipped 79 cents, or 2.1%, to $37.05, while shares in GFL Environmental dropped $1.95, or 2.8%, to $68.61.

In the financial sector, Definity Financial lost $2.07, or 2.8%, to $70.47, while Trisura Group shed 91 cents, or 2.2%, to $40.19.

Energy shares tried to balance things out, with Cenovus Energy progressing 47 cents, or 2.1%, to $23.15, while Parex Resources soared 33 cents, or 1.9%, to $17.43.

In consumer staples, Empire Company captured 52 cents, or 1%, to $54.53, while Saputo grabbed 11 cents to $33.90.

In materials, Equinox Gold took 15 cents up the ladder, or 1.4%, to $11.22, while G Mining Ventures climbed 46 cents, or 2.2%, to $20.95.

In corporate news, many Air Canada flight attendants are unhappy with wage hikes in a tentative deal, which may fail to secure union approval, Reuters reported on Friday. Shares in the Maple Leaf airline backed off 14 cents to $19.67.

Canadian banks will kick off earnings season on Tuesday, beginning with Bank of Montreal and Bank of Nova Scotia.

In Canada, second-quarter GDP numbers on Friday will be watched to gauge the impact of tariffs on the economy.

ON BAYSTREET

The TSX Venture Exchange gave back 0.54 points to 803.07.

All but three of the 12 TSX subgroups lost ground on the day, weighed most by health-care, off 1.6%, industrials, down 1.2%, financials, sliding 0.8%.

The three gainers proved to be energy, up 0.3%, gold, better by 0.2%, and consumer staples, inching ahead 0.1%.

ON WALLSTREET

Stocks fell on Monday as investors looked ahead to Nvidia earnings later in the week.

The Dow Jones Industrials plummeted 349.27 points to close Monday at 45,282.47.

The S&P 500 dipped 27.59 points to 6,439.32.

The NASDAQ lost 47.24 points to 21,449.29.

The NASDAQ had been bolstered earlier in the day with a rise in Nvidia shares, which finished around 1% higher, before the index’s gains lost steam.

The artificial intelligence chip darling received a number of positive endorsements from analysts heading into its earnings report after the bell Wednesday.

Intel shares also initially extended their gains from the previous session on the heels of Commerce Secretary Howard Lutnick revealing Friday that the U.S. government has taken a 10% stake in the chipmaker. Shares of Intel were last down about 1%.

That could be a sign of more to come from the Trump administration, as White House economic advisor Kevin Hassett said Monday that the stake is part of broader strategy to create a sovereign wealth fund.

In the week ahead, traders are also looking forward to Friday’s July personal consumption expenditure price index, the Fed’s preferred inflation gauge. Economists polled by Dow Jones expect core PCE, which strips out volatile food and energy prices, will rise 2.9% on a year-over-year basis, compared to its 2.8% increase in June.

Prices for 10-year Treasury lost ground Monday, raising yields to 4.28% from Friday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices moved higher $1.12 to $64.78 U.S. a barrel.

Gold prices sank $7.40 at $3,411.10 U.S. an ounce.