Stocks News

S&P/TSX composite down nearly 50 capabilities, U.S. inventory markets put up gains

TORONTO — Canada’s main inventory index posted a tiny loss Thursday as weak point in telecom and utilities shares weighed within the marketplace, whereas U.S. markets made gains. 

The S&P/TSX composite index became down 49.54 capabilities at 20,919.64.

In New York, the Dow Jones industrial practical became up forty eight.97 capabilities at 38,726.33. The S&P 500 index became up 2.85 capabilities at 4,997.91, whereas the Nasdaq composite became up 37.07 capabilities at 15,793.71.

This week has been quieter on the news entrance when compared with final week, when U.S. Federal Reserve chairman Jerome Powell threw chilly water on hopes for a rate decrease in March, said Konstantin Boehmer, head of mounted profits at Mackenzie Investments. 

That’s serene having an enact on markets this day, he said. 

If economic records continues to come aid in solid, rate expectations may per chance well continue to be pushed out, said Boehmer.

“We are in a limbo,” he said, with merchants eyeing economic records and looking forward to signs that the U.S. Federal Reserve may per chance well originate cutting charges. 

“They’re super end, nevertheless they are correct no longer there but to pull the trigger.” 

It’s a the same scene in Canada, with inflation serene above the ranges the Bank of Canada is taking a review, said Boehmer. 

“Inflation is serene no longer the put it ought to serene be. Nevertheless at the quit of the day, likely they’ll correct be within the identical ship as the U.S. is,” he said. 

“The U.S. is the captain and Bank of Canada may per chance well presumably be the main lieutenant on that identical ship.” 

Friday will glimpse a revision of U.S. CPI records, noted Boehmer — in general no longer an extremely relevant originate, nevertheless this time is diversified.

That’s because of Fed governor Christopher Waller has indicated it can per chance well additionally be a vital records originate, he said.

“In his speech on Jan. 16, he specifically mentioned this CPI revision as a key piece of records that will per chance well give the contributors of the committee from the Federal Reserve the boldness that they need in uncover to development further … of their path to originate cutting hobby charges” said Boehmer. 

“Because you must for the Fed, you must for us.”

If CPI is revised decrease, that will per chance well bring up expectations for hobby rate cuts to originate, defined Boehmer.

“If there may be a vital revision decrease, the market would jump on that with start fingers.” 

The Canadian greenback traded for 74.26 cents UScompared with 74.24 cents US on Wednesday.

The March uncouth contract became up US$2.36 at US$76.22 per barrel and the March pure gas contract became down five cents at US$1.92 per mmBTU.

The April gold contract became down US$3.80 at US$2,047.90 an ounce. and the March copper contract became down three cents at US$3.70 a pound.

This file by The Canadian Press became first published Feb. 8, 2024.

Corporations on this story: (TSX:GSPTSE, TSX:CADUSD)

Rosa Saba, The Canadian Press

Read Extra

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button