May 11, 2021
Stocks in Toronto stumbled to begin the week as tech stocks proved a drag on...

Stocks in Toronto stumbled to begin the week as tech stocks proved a drag on the market.

The TSX fell 146.9 points to end Monday at 19,204.42.

The Canadian dollar slid 0.12 cents to 79.78 cents U.S.

As mentioned, tech stocks took the biggest bruises, as Hut 8 Mining dropped 78 cents, or 10.4%, to $6.70, while Shopify was pummelled $73.62, or 4.49%, to $1,436.72.

Among materials, Nutrien suffered a loss of $2.52 per share, or 3.6%, to $67.53, while Endeavour Silver let go of 23 cents, or 3.3%, to $6.77.

In the utilities sector, Boralex slipped $2.69, or 6.2%. to $40.87, while Innergex Renewable Energy doffed $1.24, or 5.3%, to $22.16.

Only consumer staples held out amid the negative tide, with Maple Leaf Foods gaining 85 cents, or 3.1%, to $28.06, while Alimentation Couche-Tard tallying 48 cents, or 1.2%, to $41.95.

ON BAYSTREET

The TSX Venture Exchange demurred 15.29 points, or 1.6%, to 929.17.

All but one of the 12 TSX subgroups were negative, with information technology surrendering 2.8%, while materials slumped 1%, and utilities retreated 0.9%.

Consumer staples forged up 0.1%.

ON WALLSTREET

U.S. stocks slipped from record levels to start the week on Monday as the weakness in the technology sector weighed on the broader market.

The Dow Jones Industrials trailed off 123.04 points from Friday’s dizzy heights to close Monday at 34,077.63,

The S&P 500 subtracted 22.21 points from Friday’s all-time record to 4,163.26.

The NASDAQ Composite faded 137.58 points, or nearly 1%, to 13,914.76.

Bitcoin was slammed over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. At one point, it was down 19% from that record over the weekend before stabilizing. The cryptocurrency was last at $55,866 on Monday.

Tesla, a holder of bitcoin, fell more than 3%. Coinbase, a cryptocurrency trading platform that made its public debut last week, dropped 2.6%.

Coca-Cola shares rose 0.6% after the consumer giant reported better-than-expected earnings and revenue. The company also said demand in March has returned to pre-pandemic levels.

UBS on Friday lifted its S&P 500 forecast for the year amid recent data signaling a strong economic recovery. The firm now envisions the S&P 500 ending 2021 at 4,400, which is roughly 5% above where the benchmark index closed on Friday.

On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine “out of an abundance of caution” after six women developed a rare blood-clotting disorder.

Prices for 10-Year Treasurys fell a bit, raising yields to 1.61% from Friday’s 1.60%. Treasury prices and yields move in opposite directions.

Oil prices regained 30 cents to $63.43 U.S. a barrel.

Gold prices skidded $9.50 to $1,770.700 U.S. an ounce.

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