TSX Stays Above Water as Canadians Vote
Canada's main stock index edged higher on Monday, led by gains in financial stocks, as investors anticipated more certainty regardless of the winner of the country's general election, in which U.S. trade policies have been in focus.
The TSX Composite Index gained 53.15 points to reach noon Monday at 24,763.66
The Canadian dollar inched higher 0.15 at 72.24 cents U.S.
Prime Minister Mark Carney and Conservative leader Pierre Poilievre wrapped up their campaigns on Sunday. Carney's Liberal Party held a narrow lead in popular support ahead of the final voting, according to pollsters.
Election results will trickle in, starting in eastern provinces, after polls close at staggered times on Monday evening.
In corporate news, Propel Holdings announced that it has increased its existing credit facility for CreditFresh from $70 million to $400 million. Shares in Propel acquired 48 cents, or 1.8%, $27.19.
Among financial stocks, Trisura Group topped the index, with a rise of 49 cents, or 1.3%, to $37.74.
ON BAYSTREET
The TSX Venture Exchange moved up 1.43 points to 655.25.
Seven of the 12 subgroups were higher during the morning, led by consumer staples, up 1.2%, telecoms, ahead 0.6%, and consumer discretionary stocks, better by 0.4%.
The five laggards were weighed most by health-care, sinking 1.2%, while gold and materials each slid 0.5%.
ON WALLSTREET
The S&P 500 fell Monday amid a drop in shares of Big Tech names reporting earnings this week. Wall Street is also awaiting any progress on trade deal negotiations.
The Dow Jones Industrials fought their way into the green 4.81 points, to break for lunch at 40,118.31
The much-broader index tailed off 23.9 points to 5,501.31.
The NASDAQ Composite slumped 156.62 points to 17,226.32
The S&P 500 was bogged down by a pullback in shares of “Magnificent Seven” companies that are slated to report over the coming days. Amazon and Microsoft each fell more than 1%, while Meta Platforms slid almost 1%. Apple shed 0.6%.
Nvidia and Tesla also led the index lower, with both names tumbling more than 3%.
Earnings results have been somewhat strong for the prior quarter, with 73% of companies reporting beating analysts’ estimates so far — slightly below the five-year average of 77%.
Still, Wall Street is lowering expectations for the second quarter and the full year as companies come out with uncertain guidance because of President Donald Trump’s tariffs.
On Monday, Treasury Secretary Scott Bessent offered little clarity on the direction of reaching a possible trade agreement with China, but said that the onus was not on the United States. On the positive side, however, Bessent said that they were making progress on other trade proposals, suggesting a deal with India would be “one of the first” to come.
His comments come after Trump said last week that discussions with China were underway, refuting China’s claims of no trade talks between the two countries.
Prices for the 10-year Treasury regained ground Monday, lowering yields to 4.24% from Friday’s 4.26%. Treasury prices and yields in opposite directions.
Oil prices lost $1.22 to $61.82 U.S. a barrel.
Prices for gold thundered higher $38.30 to $3,336.70 U.S.
