Stocks Retreat From Week-Long Rally

(MENAFN- Baystreet)
Canada's main stock index fell on Monday, as investors took a breather after a week of record-setting gains and looked ahead to a possible interest rate cut by the Bank of Canada later this month.
The TSX Composite Index tailed off 67.23 points by noon EDT to 28,983.40.
The Canadian dollar gathered 0.08 cents to 72.35 cents U.S.
In corporate news, Strathcona Resources raised its offer for MEG Energy, seeking to outbid Cenovus Energy. Strathcona shares weakened 37 cents, or 1.1%, to $38.05, while shares in MEG gained 51 cents, or 1.1%, to $28.86, and those for Cenovus fell 11 cents to $22.01.
MDA Space fell $9.37, or 21.3%, to $34.64, after the space firm said it received a termination notice from EchoStar for its satellite constellation contract announced on August 1.
Among other individual stocks, Canada Goose rose $2.30, or 12.4%, to $20.85, after brokerage TD Cowen upgraded the stock to "buy" from "hold."
Odds of a rate cut rose after data showed on Friday that Canada's economy shed 65,500 jobs in August, and the unemployment rate climbed to 7.1%.
Money markets expect a 92% chance of a 25 basis-point interest-rate cut on September 17.
ON BAYSTREET
The TSX Venture Exchange moved forward 6.56 points to 864.04
Seven of the 12 TSX subgroups lost ground midday Monday, with telecoms tumbling 1.3%, while consumer staples and industrials lost 1%.
The five gainers were led by gold and materials, each ahead 0.9%, and information technology, gaining 0.3%.
ON WALLSTREET
The NASDAQ Composite jumped to a record on Monday as investors gear up for a data-heavy week that includes two closely watched readings on inflation.
The Dow Jones Industrials inched up 0.25 points to break for lunch Monday at 45,401.11.
The S&P 500 gained 14.1 points to 6,495.60.
The tech-heavy index galloped 135.87 points to 21,839.26.
The mover higher was led by a rise in shares of chipmaker Broadcom, which gained 3%, and artificial intelligence darling Nvidia, whose nearly 2% advance reversed some of its steep losses from the past month. Meta Platforms, Amazon and Microsoft were also higher.
Investors are awaiting two critical inflation reports this week for more insight into the health of the economy, after weaker-than-expected hiring data on Friday.
The producer price index report for August is due out Wednesday morning, followed by the consumer price index on Thursday.
The data follows the lackluster August jobs report that helped fuel investor hope that the Federal Reserve is all but assured to lower benchmark interest rates at its policy meeting later this month. The jobs figures also raised the prospect of a half-point rate cut.
Prices for 10-year Treasury gained Monday, lowering yields to 4.05% from Friday's 4.09%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 52 cents to $62.39 U.S. a barrel.
Gold prices obtained $25.60 to $3,678.90 U.S. an ounce.

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