(CORRECTS U.S. MARKETS VALUES)
Canada’s main stock index made gains on Monday, lifted by strength in materials and utilities stocks, while investors awaited a slew of domestic and U.S. inflation data along with commentary from Federal Reserve officials throughout the week.
The TSX Composite Index spiked 241.23 points to move into lunch hour at 21,796.20
The Canadian dollar improved 0.26 cents to 73.19 cents U.S.
In corporate news, Australian miner Paladin Energy said it had entered into an agreement to buy Canada’s Fission Uranium Corp for $833 million. Fission shares gathered 15 cents, or 15.1%, to start the day at $1.18.
ON BAYSTREET
The TSX Venture Exchange fell 3.42 points to 567.63.
All but one of 12 TSX subgroups moved ahead midday, as energy leaped 2.2%, while real-estate jumped 1.6%, and communications took on 1.5%.
The lone dissenter was information technology, down 0.04%.
ON WALLSTREET
The Dow Jones Industrial Average climbed Monday as investors sold big technology names in favor into other sectors such as banks and energy.
The 30-stock index popped 347.52 points to 39,497.85.
The S&P 500 regained 16.04 points to 5,480.66.
The NASDAQ sagged 47.76 points to 17,641.60.
Information technology was the only negative sector for the day, down 0.8%. Meanwhile, energy, financials and utilities were all up more than 1%. Dow members JPMorgan Chase, Goldman Sachs and Chevron climbed more than 1% each.
Nvidia fell 5%, adding to its 4% decline last week that snapped an eight-week winning streak. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.
Despite the selloff, shares are still up about 150% for the year, making them the second-best performer in the S&P 500.
There are also a number of key companies earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.
Stocks are coming off a record-setting week, with the S&P 500 and NASDAQ notching fresh all-time highs.
Investors will receive key inflation data this week in the form of May’s personal consumption expenditure data. The Federal Reserve’s preferred inflation gauge is set to be released Friday.
Prices for the 10-year Treasury hesitated, raising yields 4.27% from Friday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices climbed 79 cents at $81.01 U.S. a barrel.
Gold prices reclaimed $10.80 to $2,342.00
