Investors take profits amid record highs
After days of smashing new record highs, indices in New York and Toronto pulled back Monday as investors took some profits off the table. The Nasdaq, which has risen around 35% year-to-date, declined by 0.67% while the TSX fared slightly better, losing only 0.41%.
The only trade news Monday was that both Washington and Beijing indicated that phase one of the U.S.-China trade deal would be signed in the coming week, but a hard confirmation from both sides is pending. Monday saw a broad sell-off, touching virtually every sector.
Tech leaders like OLED sold off 2.29%; utilities, such as outperformer, Algonquin Power, slipped 1.61%; and powerhouse REITs like CAR lost 0.89%. There was no panic or doom in the selling here in North America or overseas, where France’s CAC 40 fell 0.91% or Japan’s Nikkei declined 0.78%. The rare gainer was Shanghai which rallied 1.16%.