S&P/TSX composite index down nearly 200 points, U.S. markets mixed

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Canada’s main banal scale was down almost 200 points successful a broad-based diminution led by financials, utilities and guidelines metals, while U.S. stock markets were mixed.

The S&P/TSX composite scale closed down 182.42 points astatine 21,887.34.

In New York, nan Dow Jones business mean was down 120.62 points astatine 38,747.42. The S&P 500 scale was up 14.53 points astatine 5,375.32, while nan Nasdaq composite was up 151.02 points astatine 17,343.55.

Shares successful Apple jumped 7.3 per cent aft nan institution highlighted its push into artificial intelligence technology, helping offset losses successful nan tech sector.

Markets spent nan time waiting for Wednesday, erstwhile investors will get nan latest information connected U.S. user ostentation successful nan greeting and an liking complaint determination successful nan afternoon, said Dustin Reid, vice-president and main strategist for fixed income astatine Mackenzie Investments.

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“Both, I think, are important for nan directionality of markets going forward, whether it’s fixed income, aliases currencies, aliases equities aliases credit,” said Reid.

“Volumes are a small spot lighter present than accustomed successful anticipation of tomorrow.”

Though nan U.S. Federal Reserve isn’t expected to trim its cardinal complaint this clip around, it will merchandise an updated forecast for wherever it expects rates to spell this year, said Reid.

The past projection was for 3 complaint cuts successful 2024, but aft a drawstring of stronger-than-expected economical information reports, it’s now “a very good statement betwixt 1 and two,” he said.

That’s successful statement pinch marketplace expectations, said Reid, arsenic nan Fed has many times signalled it needs much grounds of a dependable move little successful ostentation earlier it feels comfortable cutting rates.

“All nan large information releases, I would moreover opportunity immoderate of nan secondary releases, proceed to matter significantly,” he said.

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If either nan ostentation study aliases nan Fed study and forecast present a hawkish surprise, that will apt consequence successful an “outsized reaction” pinch yields moving higher, said Reid.

Expectations are for May’s ostentation complaint to stay unchanged astatine 3.4 per cent.

Last week nan Bank of Canada trim for nan first clip since its hiking cycle, followed by nan European Central Bank. Reid said he expects it to trim again successful July.

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The Canadian dollar traded for 72.64 cents US compared pinch 72.65 cents US connected Monday.

The July crude lipid statement was up 16 cents astatine US$77.90 per tube and nan July earthy state statement was up 22 cents astatine US$3.13 per mmBTU.

The August golden statement was down 40 cents astatine US$2,326.60 an ounce and nan July copper statement was down 3 cents astatine US$4.51 a pound.

— With files from The Associated Press

&copy 2024 The Canadian Press

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