TSX Ends Notably Lower As Stocks Fall After Powell's Testimony

RTTNews | Pred 904 dňami

(RTTNews) - Canadian stocks tumbled on Tuesday after Federal Reserve Chair Jerome Powell warned interest rates will likely remain higher for longer than previously expected to fight inflation.

Citing stubbornly elevated inflation and stronger than expected economic data, Powell said in his testimony before the Senate Banking Committee that "ultimate level of interest rates is likely to be higher than previously anticipated."

Powell also said the Fed would be prepared to reaccelerate the pace of rate hikes if the totality of incoming data were to indicate that faster tightening is warranted.

Additionally, the Fed chief reiterated the central bank will likely need to maintain a restrictive stance of monetary policy for "some time" in order to restore price stability.

The dollar's surge, and falling crude oil and bullion prices weighed on Canadian stocks.

The benchmark S&P/TSX Composite Index ended with a loss of 239.26 points or 1.17% at 20,275.54, after hitting a low of 20,236.45.

Materials and energy stocks were among the major losers. The Materials Capped Index and the Energy Capped Index fell 2.88% and 1.96%, respectively.

Financials and technology stocks were the other prominent losers.

Wheaton Precious Metals (WPM.TO), Teck Resources (TECK.A.TO), Franco-Nevada Corporation (FNV.TO), Cargojet (CJT.TO), Agnico Eagle Mines (AEM.TO), West Fraser Timber (WFG.TO) and Bank of Montreal (BMO.TO) lost 2 to 5%.

BlackBerry Ltd. (BB.TO) plunged nearly 12%. The company said it expects preliminary fourth-quarter total company revenue to be around $151 million, and fiscal 2023 revenue to be around $656 million.

Wajax Corporation (WJX.TO) rallied 4.4%. Gfl Environmental (GFL.TO), Stella-Jones Inc (SJ.TO), Bombardier Inc (BBD.B.TO), Stantec Inc (STN.TO), WSP Global (WSP.TO) and Thomson Reuters (TRI.TO) gained 1 to 3%.

U.S. Pending Home Sales Fall More Than Expected In July

A report released by the National Association of Realtors on Thursday showed pending home sales in the U.S. fell by more than expected in the month of July. NAR said its pending home sales index decreased by 0.4 percent to 71.7 in July after sliding by 0.8 percent to 72.0 in June. Economists had expected pending home sales to edge down by 0.1 percent.

RTTNews | Pred 43 minútami

Eurozone Economic Confidence Weakens In August

Eurozone economic sentiment softened unexpectedly in August as only industry and retail trade showed improvements, survey results from the European Commission showed Thursday. The economic sentiment indicator slid to 95.2 in August from a revised 95.7 in the previous month. The score was forecast rise to 96.0.

RTTNews | Pred 54 minútami

Walgreen Co. Now Operating As Private Standalone Company Under Sycamore Partners

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RTTNews | Pred 1 h 5 min

U.S. Economy Surges More Than Previously Estimated In Q2

The U.S. economy grew by more than previously estimated in the second quarter of 2025, according to revised data released by the Commerce Department on Thursday. The report said real gross domestic product shot up by 3.3 percent in the second quarter compared to the previously reported 3.0 percent surge. Economists had expected the jump in GDP to be upwardly revised to 3.1 percent.

RTTNews | Pred 1 h 17 min

U.S. Weekly Jobless Claims Dip Roughly In Line With Estimates

A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd. The Labor Department said initial jobless claims dipped to 229,000, a decrease of 5,000 from the previous week's revised level of 234,000. Economists had expected jobless claims to slip to 230,000.

RTTNews | Pred 1 h 23 min

Switzerland Logs Weaker Growth, Trims 2026 Outlook

The Swiss economy expanded modestly in the second quarter, as estimated earlier, and higher U.S. tariffs are set to push down growth prospects, the State Secretariat for Economic Affairs said Thursday. Gross domestic product grew 0.1 percent from the first quarter, unchanged from the flash estimate. Growth softened notably from 0.7 percent in the first quarter.

RTTNews | Pred 2 h 28 min

U.S. GDP Jumps More Than Previously Estimated In Q2

The U.S. economy grew by more than previously estimated in the second quarter of 2025, according to revised data released by the Commerce Department on Thursday.

RTTNews | Pred 2 h 36 min

U.S. Weekly Jobless Claims Edge Down To 229,000

A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd.

RTTNews | Pred 2 h 41 min

EURUSD	1.16666	GBPUSD	1.3511	AUDUSD	0.65269
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