TSX Starts Week on Wrong Foot

Canada's main stock index opened lower on Monday, pressured by losses in Barrick Mining after it missed quarterly profit estimates, while investors assessed developments in the Middle East and awaited key U.S. economic data due later in the week.

The TSX sank 46.03 points to kick off Monday and the week at 36,335.20.

The Canadian dollar gained 0.03 cents at 71.70 cents U.S.

Tehran said it was close to reaching a final agreement with Oman on new shipping lanes through the Strait of Hormuz, but reiterated that several U.S. conditions must be met before the strategic waterway is reopened.

In earnings, Barrick missed second-quarter profit estimates. The miner's shares darted lower $4.74, or 7.8%, to $56.27.

Quarterly results from companies including Cargojet and Silvercorp Metals are due after the bell. Cargojet shares dipped 33 cents to $86.48, while those for Silvercorp grabbed 49 cents, or 3.1%, to $16.52.

ON BAYSTREET

The TSX Venture Exchange gained 9.05 points, or 1%,, to 963.95.

All but two of the 12 TSX subgroups were in the red, weighed most by telecoms, sinking 1.9%, gold, dulling 1.7%, and materials, off 1.6%.

The two lone gainers were energy, surging 3.2%, and information technology, up 1.6%.

ON WALLSTREET

The S&P 500 was relatively unchanged on Monday amid growing doubts that the U.S. and Iran will come to a lasting resolution to the conflict in the near term.

The Dow Jones Industrials let go of 46.42 points, to open Monday at 53,990.51.

The much-broader index slipped 11.98 points to 7,769.62.

The NASDAQ Composite gained 29.48 points to 26,720.10.

Intel was a key laggard of the session, falling 4% after the company said it’s going to be offering $15 billion in common stock.

Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the
U.S until several conditions are met.

Iranian Foreign Minister Abbas Araghchi said Sunday there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding, without compensating for its “violations,” according to Tasnim News Agency, a semi-official news outlet associated with the Islamic Revolutionary Guard Corps.

Prices for the 10-year Treasury faltered, raising yields to 4.68% from Friday’s 4.64%. Treasury prices and yields move in opposite directions.

Oil prices hiked $2.26 to $80.44 U.S. a barrel.

Gold prices fell off $6.70 to $4,393 U.S. an ounce.