Stocks Stub Toes to Begin Week
The TSX lost 44.19 points to begin Monday and the week at 19,847.87.
The Canadian dollar handed back 0.01 cents to 74.87 cents U.S.
Global miner Glencore offered Teck Resources to buy its steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5- billion offer to combine the two companies. Teck shares lost 43 cents to $56.29.
Among individual movers, Methanex Corp slid 7.7% to a more than five-month low after Scotiabank downgraded the methanol supplier to "sector perform" from "sector outperform" and trimmed its price target on the stock. Methanex shares dipped $4.30, or 7.4%, to $53.56.
ON BAYSTREET
The TSX Venture Exchange recovered 0.33 points to 610.65.
Eight of the 12 TSX subgroups were lower to start the session, with energy dipping 1.2%, materials down 0.8%, and utilities off 0.5%.
The four gainers were led by information technology, jumping 1%, while consumer discretionary stocks took on 0.5%, and health-care eked up 0.2%.
ON WALLSTREET
Stocks rose Monday as traders hope the Federal Reserve will skip hiking rates when the central bank decides on policy Wednesday.
The Dow Jones Industrials jumped 91.64 points to 33,967.
The S&P 500 picked up 10.43 points to 4,309.29. Monday’s moves put the S&P 500 back above 4,300, near its highest level since August.
The NASDAQ index grabbed 55.73 points to 13,314.87.
Evercore ISI upgraded AutoZone to outperform from in line on Monday, saying it sees the stock’s 6% decline since its May 23 earnings report as an attractive entry point. The Wall Street firm also raised its price target to $2,700 from $2,640, suggesting more than 14% upside from Friday’s close.
AutoZone should see high single-digit growth in its do-it-for-me segment.
Shares for cruise company Carnival were up nearly 10% Monday following an upgrade from JPMorgan to overweight from neutral.
Prices for the 10-year Treasury lost ground, raising yields to 3.78% from Wednesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.92 to $67.25 U.S. a barrel.
Gold prices shed $11.40 to $1,974.80 U.S. an ounce.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
