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Stocks Down to Begin Last Week of November



Equity investors took a break from the rarefied levels over the last couple of weeks, as energy losses weighed things down Monday.

The TSX Composite fell 70.45 points to close Monday at 20,032.66.

The Canadian dollar inched up 0.08 cents at 73.44 cents U.S.

Energy proved the biggest anchor, with Parex Resources sliding 77 cents, or 2.8%, to $26.03, while Athabasca Oil sinking 11 cents, or 2.8%, to $3.83.

Industrials fell, with Canadian National Railways descending $4.76. or 3%, to $152.48, while Canadian Pacific let go of $2.96, or 3%, to $94.85.

Utilities also took their lumps, with Brookfield Infrastructure Partners dropping $1.15, or 3.1%, to $35.84, while Northland Power lost 31 cents, or 1.4%, to $21.67.

Gold pointed higher, as Seabridge Gold soared 77 cents, or 4.9%, to $2.66, while Lundin Gold captured 72 cents, or 4.7%, to $15.90. Among other resources issues, K92 Mining grabbed 26 cents, or 4.9%, to $5.59, while Osisko Mining grew 17 cents, or 6.8%, to $2.66.

Techs shone, especially Dye & Durham, flying 67 cents, or 5.1%, to $13.70, while Shopify sprang up $4.25, or 4.4%, to $100.51.

ON BAYSTREET

The TSX Venture Exchange dipped 2.75 points to 529.58.

Seven of the 12 TSX subgroups were lower, with energy sliding 1.6%, industrials losing 1.3%, and utilities off 0.9%.

The five gainers were led by gold, up 2%, information technology, ahead 1.8%, and materials, edging up 0.3%.

ON WALLSTREET

Stocks fell on Monday, as traders took a breather after the major averages posted a four-week winning streak.

The Dow Jones Industrials slid 57.27 points Monday to close at 35,332.88.

The S&P 500 declined 8.93 points to 4,550.41.

The NASDAQ shed 9.83 points to 14,241.02.

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 1.1%, and Shopify jumping 4.5%.

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 4.39% from Friday’s 4.48%. Treasury prices and yields move in opposite directions.

Oil prices dipped 53 cents to $75.01 U.S. a barrel.

Gold prices captured 11 dollars to $2,014.



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