A drop in the resources sector took its toll on Canada’s main stock index to kick off the trading week on Monday. Financial and tech sector gains, mixed with optimism around possible interest-rate cuts by the U.S. Federal Reserve as soon as September, were just enough to lift the TSX higher.
Coming off the record highs set last week, U.S. markets started the week on a flat note. Wall Street awaits a new inflation report as Federal Reserve Chairman Jerome Powell addresses Congress on Tuesday and Wednesday. Traders are looking for more clues about the health of the economy. The central bank has maintained its benchmark interest rate at its highest point in more than 20 years.
The Canadian dollar traded for 73.31 cents U.S. compared with 73.33 cents U.S. on Friday.
U.S. crude futures traded $0.94 lower at $82.22 a barrel, and the Brent contract lost $0.90 to $85.64 a barrel.
The price of gold was down US$26.78 to US$2,359.22.
In world markets, the Nikkei was down 131.67 points to 40,780.70, the Hang Seng was down 275.55 points to 17,524.06, the FTSE was down 7.59 points to 8,196.34, and the DAX was down 3.40 points to 18,472.05.
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(Top image: AI-generated stock image)