Live news: Canadian banks have never had job cut 'carnage' like this, David Rosenberg says
Stocks slipped on Wall Street Monday ahead of some key reports this week on the United States job market that might provide more insight into the Federal Reserve’s thinking about interest rates.
U.S. Treasury yields were higher, putting some pressure on stocks. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.29 per cent from 4.21 per cent.
Technology companies were among the biggest weights on the market. Microsoft fell 2.6 per cent and Apple fell 1.8 per cent.
Spotify surged seven per cent after announcing its third round of layoffs this year. Uber gained 5.6 per cent after the ride-hailing service was named to join the S&P 500 index.
On Wall Street, the S&P 500 was off 0.54 per cent at 5,470.72. The index is coming off its best month in more than a year, and reached its highest level in more than a year on Friday.
The Dow Jones Industrial Average fell or 0.23 per cent, to 36,167.43 while the Nasdaq composite fell 0.88 per cent to 14,179.17.
In Toronto, the S&P/TSX composite index was down 0.17 per cent at 20,417.33 on losses in energy and base metal stocks.
DesRosiers Automotive Consultants Inc. says new car sales in November soared 20.7 per cent compared with last year, as vehicle supply improves.
Andrew King, managing partner at DesRosiers, says November saw the largest percentage gain in sales so far this year.
The data shows car sales continued to defy affordability woes and high borrowing costs, with November marking the thirteenth straight month of year-over-year gains.
King says improving vehicle availability and strong pent-up demand from the pandemic are continuing to fuel sales.
However, he adds the monthly total for car sales was still below the pre-pandemic November market.
Kin
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