🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

TSX slides as traders digest hawkish Powell comments

Published 06/02/2024, 06:50 am
© Reuters.
BAM
-
GSPTSE
-
CLS
-
PKI
-
INE
-
BLDP
-
DOO
-
LAAC
-
NVEI
-

Investing.com — Canada's main stock index, the S&P/TSX Composite tracked Wall Street lower on Monday, as treasury yields jumped and traders digested hawkish comments from Federal Reserve Chair Jerome Powell over the weekend.

In an interview on 60 minutes, Fed Chairman Jerome Powell said that the Fed would be "prudent" when considering rate cuts, further dampening hopes of rate cuts in March.

The commodity heavy Canadian index was further pressured by materials stocks, as gold and copper prices fell.

Toronto Stock Market News

Brookfield Asset Management (TSX:BAM) announced it had raised $10 billion in the first closing of its second Brookfield Global Transition Fund, which focuses on investments supporting the transition to a net zero global economy.

Parkland Corp (TSX:PKI) received a downgrade from RBC (TSX:RY) to "sector perform" from "outperform."

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • BRP Inc (TSX:DOO)
  • Celestica Inc (TSX:CLS)
  • Nuvei (TSX:NVEI)

Top Losers on the TSX Today:

  • Lithium Americas (TSX:LAAC)
  • Ballard (TSX:BLDP)
  • Innergex Renewables (TSX:INE)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

The S&P Global Canada services PMI data showed Canadian service sector activity declining for an eight consecutive month in January.

The Canadian Federal government announced that it will extend the ban on foreign nationals seeking to purchase homes in Canada, for another two years. The announcement comes within the context of the Federal government facing mounting criticism over the rapid decline in Canadian housing affordability.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.