Canada’s main stock index faced serious headwinds on Monday as investors took stock of fresh domestic inflation data and remained cautious ahead of Nvidia’s (NASDAQ:NVDA) earnings report and the return of US government economic releases.
Markets were volatile, with Wall Street tumbling as traders looked ahead to several key updates this week, including Nvidia’s quarterly results and the September jobs report. Nvidia, a leading name in AI chips, slipped 2 per cent ahead of its Q3 earnings, scheduled for release after Wednesday’s market close. Concerns over high valuations in the AI sector have recently weighed on Nvidia and similar stocks. Meanwhile, Alphabet (NASDAQ:GOOG) rose nearly 3 per cent following news that Warren Buffett’s Berkshire Hathaway (NYSE:BRK) had acquired a stake in the tech giant, which owns Google and YouTube.
The Canadian dollar traded for 71.15 cents US compared to 71.31 cents US on Friday.
US crude futures traded $0.33 lower at US$59.76 a barrel, and the Brent contract also lost $0.33 to US$64.06 a barrel.
The price of gold was down US$35.35 to US$4,044.95.
In world markets, the Nikkei was down 52.62 points to ¥50,323.91, the Hang Seng was down 188.18 points to HK$26,384.28, the FTSE was down 22.94 points to ₤9,675.43, and the DAX was down 286.03 points to €23,590.52.
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