Canada’s main stock index rose on Monday. led by gains in energy shares, while investors awaited the U.S. Federal Reserve’s interest rate decision later this week to gauge direction of global monetary policy.
The TSX Composite Index added 35.73 points to open the week at 22,850.54.
The Canadian dollar dipped 0.05 cents at 72.31 cents U.S.
Meanwhile, progress has been made suppressing fires in Jasper, with the remaining ones expected to be put out by the end of the day, authorities said on Saturday.
ON BAYSTREET
The TSX Venture Exchange regained 1.13 points early Monday to 580.46.
All but three of the 12 TSX subgroups were higher, with gold shining brighter 0.5%, while materials and health-care each picking up 0.3%.
The three laggards were consumer discretionary stocks, off 0.3%, communications, sliding 0.2%, and information technology, eking down 0.04%.
ON WALLSTREET
The S&P 500 rose Monday as Wall Street geared up for a busy week of corporate earnings.
The Dow Jones Industrials faded 127.35 points to 40,461.95.
The much-broader index moved higher 11.55 points to 5,470.65.
The NASDAQ grabbed 113.28 points to 17,471.16.
This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days.
Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday.
The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.
Monday’s moves come after a volatile week in the stock market. The S&P 500 dipped 0.8% to end the week, while the tech-heavy NASDAQ Composite fell 2.1%. However, the Dow rose 0.8%.
Prices for the 10-year Treasury grew, lowering yields to 4.17% from Friday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices edged up 19 cents at $77.35 U.S. a barrel.
Gold prices gained $9.70 to $2,390.70
