Stocks fall in early trading as oil prices decline

The S&P/TSX Composite battled out of negative territory, and forged into the green 60.73 points to close Monday at 14,748.19. Energy and financials led the way, with Silver Standard Resources up 4.39 per cent and EnCana up 2.85 per cent.

The stock market gained Monday, ignoring the losses registered in the rest of the region on improving growth prospects.

Given the concern over "continued weakness in business investment" expressed in the latest FOMC minutes, we believe the July durable orders report will be key, and our economist expects a 3.1% MoM rebound. The loonie closed Monday at 77.22 cents USA after dropping a full cent over two trading days.

The U.S. dollar continued to trade lower, despite the U.S. Department of Housing and Urban Development reporting today that new U.S. single-family home sales unexpectedly rose in July and climbed to their highest level in almost nine years.

The New Zealand dollar strengthened after Reserve Bank of New Zealand Governor Wheeler said the bank's current interest rate policy involves further monetary easing measures but he said he did not see the need for a rapid series of rate cuts.

As the U.S. earnings season winds down, the focus shifts to Federal Reserve Chair Janet Yellen's upcoming speech on Friday at Jackson Hole, Wyoming, for clues on when the central bank will raise rates.

All 10 major S&P 500 indexes were higher. However, with Fed backtracking on its interest rate outlook, the dollar is losing some of its previous momentum.

"While recent US data has been mixed, the base case for the Fed is probably to increase rates in the absence of any compelling reason not to", Michael McCarthy, chief market strategist in Sydney at CMC Markets, said by phone.


"We think the dollar is already trading under the impression of a dovish Fed", said TD Securities in Tuesday's research note.

"We're seeing an nearly eerily quite, very subdued continued melt-up environment".

At 11:04 a.m. ET the Dow Jones Industrial Average was up 50.75 points, or 0.27 per cent, at 18,580.17. The PHLX housing sector index .HGX rose 1.9 percent and was on track for its best daily performance in about six weeks. Chinese mainland markets were modestly higher, with the Shanghai composite up 0.13% and the Shenzhen composite adding 0.11%. The stock was the primary drag on the consumer staples index .SPLRCS , which edged 0.1 percent lower.

USA stocks were little changed on Monday, Aug. 22, as a drop in oil prices that weighed on the energy sector was offset with a strong showing by biotech stocks.

Stocks end lower following sharp pullback in oil prices.

Advancing issues outnumbered declining ones on the NYSE by a 2.13-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored advancers.

Gold futures for December delivery slid 0.2 percent to settle at $1,343.40 an ounce at 1:39 p.m. on the Comex in NY, a third decline in four sessions.


Popular
  • West Ham christens new stadium with win over Bournemouth

    Afterwards the face of Bournemouth manager Eddie Howe said it all. "We've got it in the second game of the season and that's nice".
    BMW 2002 Hommage gets classic Jagermeister-style livery for Pebble Beach

    BMW 2002 Hommage gets classic Jagermeister-style livery for Pebble Beach

    In 1973 the BMW 2002 turbo became the first series-produced vehicle in Europe to feature turbo technology. The rear end of the 2002 Hommage also calls on elements of the 2002 turbo.
    Badminton: Sindhu raises Indian hopes of first gold at Rio

    Badminton: Sindhu raises Indian hopes of first gold at Rio

    In the second game, Srikanth engaged the Chinese into long rallies with some spectacular smashes on the opponent's forehand. Sindhu's maiden Grand Prix Gold title came in 2013 when she won the Malaysian Open by beating Juan Gu of Singapore.
  • Trump companies owe $650 million: NY Times

    When pressed a little more McCain said, "I have covered that issue completely and I have nothing more to say about it. According to a press release announcing the ad's release, it "illustrates one of many important contrasts between Mr.
    Taekwondo grudge match in Rio off after surprising loss

    Taekwondo grudge match in Rio off after surprising loss

    Then the fifth seed saw off Milad Beigi Harchgani of Azerbaijan in the semi-finals. "But I'm very happy and proud to be here. I persevered for four years after wanting to quit. "I'm sorry I don't want to cry on TV but I'm so distraught ".
    Brent at 6-week high on Opec freeze talk

    Brent at 6-week high on Opec freeze talk

    US crude oil imports averaged 8.2 million barrels per day last week, down by 211,000 barrels per day from the previous week. Both grades have risen more than 20 percent from lows hit in early August. "This is a double whammy for the oil market".
  • Swimming: Le Clos braced for one last duel with Phelps

    Swimming: Le Clos braced for one last duel with Phelps

    Phelps had edged out Lochte for the top time in Wednesday's semifinals, posting a 1:55.78 to Lochte's 1:56.28. Phelps was quoted as saying that those doubles were among the most challenging of his career.

    Patriots RB Dion Lewis needs second knee surgery

    Second year guard Shaq Mason reportedly broke his hand, and will be out for an unknown period of time. Curran also reported that quarterback Tom Brady has been excused from practices Sunday and Monday.

    McDonald's to stop distributing Happy Meal activity trackers

    The packing of fitness trackers along with Happy Meals means that physical activity is being promoted as the ideal thing. And while the activity tracker might have been a reminder to look twice at the Happy Meal options, it didn't last long.
  • Samsung will reportedly sell refurbished phones from next year

    Samsung Galaxy S8 might also come aboard with the latest smartphone designs today with respect to their camera features. So whether Samsung is really "stealing" the feature or just adding it to its own device is up for debate.

    Rowling to return to 'Harry Potter' universe with new stories

    The shorts will be available in English, French, German, Italian, Japanese, Dutch, Brazilian Portuguese and Spanish. Pottermore , the digital publishing world founded by Rowling for fans of Potter- has released three new books.
    Al Roker Goes In On Ryan Lochte, Becomes Internet Hero

    Al Roker Goes In On Ryan Lochte, Becomes Internet Hero

    The American swimmer was interviewed by NBC's Matt Lauer, according to a tweet by NBC Olympics executive producer Jim Bell. That led to news coverage of the incident and prompted police attention.

CONNECT