April 18, 2021

Stocks Continue Red by Noon Hour

2 min read
Equities in Canada’s largest marketplace fell on Monday, dragged down by weakness in energy and...

Equities in Canada’s largest marketplace fell on Monday, dragged down by weakness in energy and materials stocks, while government data showed the domestic wholesale trade most likely fell in February.

The TSX came off its lows of the morning, but remained negative 22.27 points by midday to 18,831.73.

The Canadian dollar peeped up 0.03 cents at 79.89 cents U.S.

Cascades fell $1.50, or 8.3%, the most on the TSX, to $16.51, after brokerage CIBC downgraded the rating of the stock.

The second-biggest decliner was Labrador Iron Ore Royalty Corp, down $2.04, 5.2%, to $37.11, after RBC downgraded the rating of the miner’s stock.

The largest percentage gainers on the TSX were miner Lithium Americas, which jumped 52 cents, or 2.6%, to $20.56, and advertising firm AcuityAds Holdings, which rose 94 cents, or 5.2%, to $18.88.

ON BAYSTREET

The TSX Venture Exchange gained 2.89 points to 999.66.

Seven of the 12 TSX subgroups were lower by lunch hour, with health-care wobbling 1.5%, while energy and industrials each losing 1.2%.

The five gainers were led by information technology, hiking 2.1%, utilities, ahead 1.2%, and real-estate, better by 0.8%.

ON WALLSTREET

Technology stocks led the S&P 500 higher on Monday amid falling Treasury yields as Wall Street looked to bounce back from a losing week.

The Dow Jones Industrials picked up 78 points to pause for lunch at 32,705.97

The S&P 500 progressed 27.81 points 3,940.91.

The NASDAQ Composite climbed 175.91 points, or 1.3%, to 13,391.15.

Shares of Tesla added more than 5% as rates fell and as Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Apple, Facebook and Microsoft and Netflix all gained at least 2%.

Optimism about the markets and the path of the U.S. economy has been growing as vaccines are rolling out across the country, with the pace of Americans getting shots climbing in recent weeks. Several states are seeing an increase in COVID-19 cases, however.

U.S. trial data released Monday showed the COVID vaccine developed by AstraZeneca and the University of Oxford is 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.

Prices for 10-Year Treasurys regained lost ground, dropping yields to 1.70% from Friday’s 1.73%. Treasury prices and yields move in opposite directions.

Oil prices picked up seven cents to $61.35 U.S. a barrel.

Gold prices slumped $7.70 to $1,734.00.

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