Canada’s resources-heavy main stock index fell on Monday, dragged by lower oil and metal prices. The financial, telecom, and industrials sectors gained. Investors are looking out for the Bank of Canada’s (BoC) interest rate decision due later this week.
Wall Street stocks also lost ground as investors wonder if the market was getting ahead of itself after five consecutive weeks of gains. This comes as the broad S&P 500 posted its highest close since March 2022 on Friday. November was the best month for the 30-stock Dow since October 2022. The S&P 500 and NASDAQ logged their largest monthly increases since July 2022. Traders now wait for a load of U.S. data still to come, including the November jobs report, set to release on Friday, for confirmation the Fed is done hiking rates.
The Canadian dollar traded for 73.82 cents U.S., compared to 74.10 cents U.S. on Friday.
U.S. crude futures traded $0.77 lower at $73.30 a barrel, and the Brent contract lost $0.64 to $78.24 a barrel.
The price of gold was down US$90.50 to US$2,028.20.
In world markets, the Nikkei was down 200.24 points to 33,231.27, the Hang Seng was down 184.25 points to 16,646.05, the FTSE was down 16.39 points to 7,512.96, but the DAX was up 7.24 points to 16,404.76.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.