Canada’s main stock index nudged higher to kick off the trading week, thanks a jump in crude oil prices (+2%) boosting energy stocks to a four-year high.
The TSX opened at 16,256.46 but was trading lower by midmorning after the heavyweight financial sector found itself in the red, along with the industrial and telecom sectors.
Sagging tech socks led decliners on Wall Street, as U.S. stocks opened lower, especially those that make up the so-called FAANG stocks. The markets were feeling the pinch from the ongoing trade dispute with China, with the Hang Seng Index also down. Tariffs on roughly $200-billion worth of Chinese goods took effect on Monday, as well as Beijing’s retaliatory $60 billion duties on U.S. products. Leading losers on the Dow were Boeing Co. (NYSE: BA) (-1%), the largest U.S.-based exporter to China, and Caterpillar Inc. (NYSE: CAT) (-1.62%).