TSX Ends Lower For 4th Straight Session

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(RTTNews) - The Canadian market ended weak on Wednesday, weighed down by losses in technology, real estate, consumer staples and consumer discretionary sectors.

The mood in the market was cautious amid lingering concerns about the impact of higher interest rates on economic growth.

Federal Reserve Chair Jerome Powell's testimony before the House Financial Services Committee was in focus. Powell reiterated the Fed is likely to continue raising interest rates in an effort to contain stubbornly elevated inflation.

The benchmark S&P/TSX Composite Index ended down 48.19 points or 0.24% at 19,705.95, extending losses to a fourth straight session. The index scaled a low of 19,656.09 and a high of 19,761.70 intraday.

BRP Inc (DOO.TO), Cargojet (CJT.TO), Kinaxis Inc (KXS.TO), George Weston (WN.TO), Thomson Reuters (TRI.TO), Descartes Systems Group (DSG.TO) and Shopify Inc (SHOP.TO) lost 1 to 2.5%.

Shawcor (MATR.TO) rallied 4.75%. Nutrien (NTR.TO), Canadian Pacific Kansas City (CP.TO), Canada Natural Resources (CNQ.TO), Ats Corporation (ATS.TO) and Imperial Oil (IMO.TO) gained 1 to 2.6%.

In economic news, data from Statistics Canada said retail sales in Canada are expected to have risen by 0.5% month-over-month in May of 2023, according to preliminary estimates. In April, retail sales jumped by 1.1%, soaring past preliminary estimates of 0.2% and rebounding from the upwardly revised 1.5%.

A separate data from Statistics Canada showed new home prices in Canada advanced by a marginal 0.1% month-on-month in May 2023, after a 0.1% drop in April.

Federal Reserve Chair Jerome Powell today reiterated before tahe House Financial Services Committee that the central bank is likely to continue raising rates to contain inflation.

"Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," Powell said in his testimony.

The Fed left rates unchanged last week, but the central bank's latest projections suggest it plans to resume raising rates later this year, forecasting a rate of 5.6% by the end of 2023.

U.S. Retail Sales Inch Up In Line With Estimates In April

A report released by the Commerce Department on Thursday showed a slight increase by U.S. retail sales in the month of April. The Commerce Department said retail sales crept up by 0.1 percent in April after surging by an upwardly revised 1.7 percent in March. Economists had expected retail sales to inch up by 0.1 percent compared to the 1.4 percent jump originally reported for the previous month.

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U.S. Producer Prices Unexpectedly Decrease In April

Producer prices in the U.S. unexpectedly decreased in the month of April, according to a report released by the Labor Department on Thursday. The Labor Department said its producer price index for final demand fell by 0.5 percent in April following a revised unchanged reading in March. Economists had expected producer prices to rise by 0.2 percent.

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Eurozone GDP Expands 0.3% In Q1; Employment Growth Improves

Euro area economic growth accelerated less than estimated in the first quarter and employment logged a faster increase, flash estimate from Eurostat showed on Thursday. Gross domestic product expanded 0.3 percent on a quarterly basis, which was revised down from the 0.4 percent growth estimated on April 30. This followed the fourth quarter's 0.2 percent expansion.

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U.S. Weekly Jobless Claims Unchanged From Upwardly Revised Level

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in unchanged in the week ended May 10th The report said initial jobless claims came in at 229,000 last week, unchanged from the previous week's revised level. Economists had expected jobless claims to tick up to 229,000 from the 228,000 originally reported for the previous week.

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U.S. Industrial Production Unexpectedly Unchanged In April

With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April.

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ThyssenKrupp Shares Hit On Weak Adj. Earnings, Orders In Q2; Backs Outlook

Shares of ThyssenKrupp AG were losing around 14 percent in German trading after the industrial conglomerate reported Thursday sharply lower adjusted operating profit in its second quarter amid weak revenues and orders due to market conditions, even as it truned around to a net profit. Further, the company maintained its fiscal 2025 forecast.

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New York Manufacturing Index Dips Further Into Negative Territory In May

A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May.

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Philly Fed Index Jumps More Than Expected In May

Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

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EURUSD	1.1191	GBPUSD	1.32786	AUDUSD	0.64033
USDJPY	145.844	USDCAD	1.39938	USDCHF	0.83668

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TSX Ends Lower For 4th Straight Session