TSX Ends Notably Lower On Powell's Comments, Weak Bullion Prices

RTTNews | 567 วันที่ผ่านมา

(RTTNews) - Canadian stocks tumbled on Monday on widespread selling amid fading prospects of an early interest rate cut by the Federal Reserve following recent buoyant U.S. economic data and hawkish comments from Fed Chair Jerome Powell.

During an interview with "60 Minutes" on Sunday, Powell reiterated the central bank is unlikely to cut interest rates next month.

Powell suggested the strength of the U.S. economy even amidst elevated rates will allow the Fed to proceed carefully. "We want to see more evidence that inflation is moving sustainably down to 2%," He added. "Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates."

The benchmark S&P/TSX Composite Index ended down 213.20 points or 1.01% at 20,871.89.

All the sectoral indices ended in negative territory. Technology stocks declined sharply, sending the Information Technology Capped Index down by 2.22%. Healthcare, real estate, utilities, materials and consumer staples were among the other major losers.

Constellation Software (CSU.TO), Docebo Inc (DCBO.TO), Stella-Jones (SJ.TO), Tourmaline Oil Corp (TOU.TO), Ag Growth International (AQN.TO), CGI Inc (GIB.A.TO), Methanex Corp (MX.TO) and Kinaxis Inc (KXS.TO) ended down 2.5 to 4%.

George Weston (WN.TO), Franco-Nevada Corporation (FNV.TO), FirstService Corporation (FSV.TO), Colliers International (CIGI.TO), Restaurant Brands International (QSR.TO) and Boyd Group Services (BYD.TO) ended lower by 1 to 2%.

BRP Inc (DOO.TO), Nuvei Corporation (NVEI.TO) and Celestica Inc (CLS.TO) gained 3 to 3.75%. Gfl Environmental Inc (GFL.TO), Enerplus Corp (ERF.TO) and Africa Oil Corp (AOI.TO) also ended sharply higher.

On the economic front, the S&P Global Canada Composite PMI reading for January came in at 46.3, pointing to the eighth consecutive decline in the Canadian private sector activity. However, the reading was higher than the 44.7 score in the previous month.

The S&P Global Canada Services PMI posted 45.8 in January 2023, up from November's 44.6, but still marking the eighth consecutive month of contraction in the country's services sector.

U.S. Consumer Confidence Index Edges Lower In August

A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August. The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

RTTNews | 1 ชม. 2 นาทีที่ผ่านมา

U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected

Reflecting a continued plunge by orders for transportation equipment, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of July. The Commerce Department said durable goods orders slumped by 2.8 percent in July after plummeting by a revised 9.4 percent in June.

RTTNews | 1 ชม. 13 นาทีที่ผ่านมา