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Stocks Continue Negative by Midday



Canada’s main stock index fell on Monday as lower crude oil prices pulled energy stocks lower, while investors braced for a barrage of global economic data and domestic big bank earnings later this week.

The TSX Composite remained in the red 48.83 points to move into afternoon Monday at 20,054.28.

The Canadian dollar handed back 0.05 cents at 73.32 cents U.S.

On the company front, First Quantum Minerals said Sunday the miner intends to start an arbitration process with Panama, the Central American nation’s trade ministry. Moreover, the miner said two people died at its Zambian operations last weeks.

Shares in the miner docked 43 cents, or 3.2%, to $12.88.

Canadian Pacific led industrial stocks downward, falling $2.95 or 3%, to $94.86.

Energy had trouble getting untracked, too, with Parex Resources down 60 cents, or 2.2%, to $26.80.

Gold tried to make a game of it, though, with Iamgold climbing eight cents, or 2.5%, to $3.34.

ON BAYSTREET

The TSX Venture Exchange inched up 0.29 points to 532.62.

All but three of the 12 TSX subgroups were lower, with industrials off 1.1%, energy, hesitating 0.8%, and consumer discretionaries sliding 0.5%.

The three gainers proved to be gold, up 1.3%, health-care, better by 0.2%, and real-estate, inching ahead 0.1%.

ON WALLSTREET

The S&P 500 fell slightly on Monday, as traders took a breather after the major averages posted a four-week winning streak.

The Dow Jones Industrials slid 51.65 points Monday noon at 35,338.50.

The S&P 500 dished off 5.18 points to 4,554.16.

The NASDAQ fought doggedly ahead 0.25 points to 14,251.10.

The S&P 500 is up 8.6% so far this month, while the Dow has added nearly 7% and the NASDAQ has jumped roughly 11%.

Wall Street is coming off the fourth straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.

The rally occurred despite warnings from some U.S. retailers that consumer spending is weakening, although Black Friday e-commerce spending jumped 7.5% from a year earlier. Some e-commerce stocks rose on Cyber Monday, with shares of Amazon progressing 1.3%, and Shopify jumping 4%.

New homes sold at a slower than expected pace in October while still showing improvement from a year ago, the Commerce Department reported Monday.

Sales of new single-family homes totaled a seasonally adjusted annual rate of 679,000, a 5.6% decline from September and below the Dow Jones forecast for 725,000. The September level saw a sharp downward revision to 719,000, some 40,000 lower than the initial estimate. October’s total represented a 17.7% increase from the same period in 2022.

Prices for the 10-year Treasury grew, lowering yields to 4.44% from Friday’s 4.48%. Treasury prices and yields move in opposite directions.

Oil prices dipped 29 cents to $75.25 U.S. a barrel.

Gold prices captured $5.70 to $2,008.70.



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