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Stocks Stumble Monday

Equities in Canada's largest centre faltered Monday after several days in the stratosphere, as losses in communications and tech outdid gains in gold and other resources.

The S&P/TSX stepped back 26.26 points from Friday's all-time high, to conclude Monday at 16,873.43

The Canadian dollar removed 0.02 cents at 75.42 cents U.S.

Communications issues took a hit, the biggest taken by Cineplex, down 89 cents, or 3.5%, to $24.82, while Quebecor docked 57 cents, or 1.8%, to $30.80.

In tech stocks. Exfo Inc. doffed 18 cents, or 3.5%, to $4.99, while Quarterhill Inc. lost four cents, or 2.2%, to $1.81.

Financials were in the red, as Brookfield Asset Management slid $1.29, or 1.8%, to $70.46. Alaris Royalty retreated 19 cents to $19.94

Gold, however, tried to make up for what was ailing in the markets, Iamgold darting ahead 26 cents, or 5.2%, to $5.25, while Centerra Gold climbed 43 cents, or 3.9%, to $11.48.

Elsewhere in metals, Turquoise Hill Resources popped six cents, or 10.2%, to 65 cents, while First Majestic Silver gained 51 cents, or 3.8%, to $13.93.

On the economic front, Statistics Canada reported wholesale sales rose for a second consecutive month in July, up 1.7% to $65.4 billion. This is the sixth increase in the first seven months of 2019.

ON BAYSTREET

The TSX Venture Exchange deleted 1.32 points to 589.13

Seven of the 12 Toronto subgroups finished the day lower, as communications stumbled 0.9%, while information technology sifted off 0.7%, and financials dipped 0.4%.

The four gainers were led by gold, up 1.7%, materials, up 0.7%, and utilities gained 0.3%.

ON WALLSTREET

Stocks closed little changed Monday as weak economic data out of Europe stoked worries over the state of the global economy.

The Dow Jones Industrials recovered 14.92 points to 26,949.99, led by a gain in American Express.

The S&P 500 shed 0.29 points to 2,991.78

The NASDAQ Composite sank 5.21 points to 8,119.68, as Amazon shares declined.

Entering Monday's session, the Dow and S&P 500 were more than 1% from their all-time highs. The NASDAQ was 2.7% away.

Amazon shares pulled back by 0.4% after an analyst at Morgan Stanley lowered its price target on the e-commerce giant to $2,200 from $2,300. The analyst cited Amazon's one-day shipping for the target trim, but noted this will “will likely only deepen their moats” long term.

American Express rose 1.2% after the company authorized a buyback program of up to 120 million shares. The company also hiked its dividend by 10% to 43 cents per share.

Manufacturing activity in Germany fell to its lowest level since the financial crisis this month, data from IHS Markit showed. Germany's services sector also grew at its slowest pace in nine months. Overall, manufacturing in the euro zone fell to a more than six-year low while services grew at is slowest pace in eight months.

The U.S. manufacturing sector hit a five-month high in September, while the services sector grew at its fastest pace in two months, according to data from IHS Markit. However, IHS noted the manufacturing data remained among the weakest since 2016

Prices for the benchmark 10-year U.S. Treasury moved lower, raising yields back to Friday's 1.72%. Treasury prices and yields move in opposite directions

Oil prices recaptured 35 cents to $58.44 U.S. a barrel.

Gold prices added $15.90 to $1,531.00 U.S. an ounce.

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