Stock market's advance on tame inflation reading stalls

Stock market's advance on tame inflation reading stalls

The April crude contract was down 68 cents to US$61.36 per barrel and the April natural gas contract was up five cents at US$2.78 per mmBTU.

While Canada and Mexico are exempt from the tariffs, European countries are still seeking clarity so big industrial companies that could be affected by disruptions there - including Boeing and Caterpillar Inc. - were down, said Currie.

"The big multinational, industrial companies of the world are all taking a hit on the concern that they will be the targets of reprisal sanctions", said Robert Phipps, a director at Per Stirling Capital Management in Austin.

The Dow Jones industrial average fell on Monday as investors anxious a trade war could develop after President Donald Trump implemented tariffs on steel and aluminum imports.

Canada's main stock index closed higher Monday while US markets were mixed as questions continue about the potential impacts of metal tariffs.

The Canadian dollar closed at 77.94 cents United States, up 0.06 of a USA cent.

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At 8:39 a.m. ET, Dow e-minis 1YMc1 were up 43 points. "If such a deal does take place, however, it could be an important positive development for sterling in the near term by reducing "cliff-edge" risks", strategists at UBS said in a note.

Inflation chips away at the purchasing power of government bonds, leading to declines in Treasury prices. Futures for the Nasdaq 100 index rose 40.25 points to 7,164.75. On the Nasdaq, 1,509 issues rose and 860 fell.

The initial strength in the market came as traders continued to react positively to the monthly jobs data released by the Labor Department on Friday.

Even with the session's losses, the S&P 500 is just 3.1 percent below record highs hit on January 26, while the Nasdaq.IXIC has recovered its losses from last month's sell-off.

The report also showed moderating wage growth, mitigating fears of runaway inflation that could prompt the Federal Reserve to hasten its pace of interest rate hikes.

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