Canadian Stocks Move Mostly Lower In Morning Trading
(RTTNews) - Canadian stocks have moved mostly lower during trading on Monday, extending the pullback seen in the previous session.
The S&P/TSX Composite Index has moved steadily lower over the course of the morning and is currently down 96.02 points or 0.6 percent at 16,944.18.
Negative sentiment was generated in reaction to a report from the Institute for Supply Management showing a continued contraction in U.S. manufacturing activity in the month of November.
The ISM said its purchasing managers index edged down to 48.1 in November from 48.3 in October, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to inch up to 49.2.
The disappointing U.S. economic news has offset the earlier positive sentiment generated by some upbeat Chinese manufacturing data.
Traders are also reacting to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.
"Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers," Trump said in a post on Twitter.
He added, "Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Technology stocks are turning in some of the market's worst performances on the day, dragging the S&P/TSX Capped Information Technology Index down by 2 percent.
Telecom, healthcare, and financial stocks are also seeing some weakness on the day, although selling pressure has remained relatively subdued.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.