(MENAFN- Baystreet) TSX Follows American Cousins Sharply Downward
TSX Flounders in Red
Stocks Tank on Inflation Numbers
Futures in Toronto Fall Ahead of Inflation Data
TSX Has Stage All to Itself, Enjoys Healthy Gains Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, January 17, 2024
Futures Take a Header Gildan Grabs Attention Futures for Canada's main stock
index fell on Wednesday, tracking sharp declines in crude and metal prices, while investors adjust to more comments signalling delayed interest rate cuts by the U.S. Federal Reserve.
The TSX Composite closed Tuesday negative 113.79 points at 20,948.09.
March futures sank 0.8% Wednesday.
The Canadian dollar dived 0.15 cents to 73.98 cents U.S.
Gildan Activewear alleged undisclosed investments from its former chief Glenn Chamandy, a day after new CEO Vince Tyra assumed his post.
On the economic slate, Statistics Canada reported Canadian investors purchased $12.5 billion of foreign securities in November, after divesting $8.2 billion in October. At the same time, foreign investors acquired $11.4 billion of Canadian securities, following three consecutive months of divestment totalling $39.7 billion.
The agency also said its Industrial Product Price Index fell 1.5% month over month in December and was 2.7% lower than December 2022, while its Raw Materials Price Index declined 4.9% on a monthly basis in December 2023 and fell 7.9% year over year.
ON BAYSTREET
The TSX Venture Exchange sank 6.18 points, or 1.1%, to conclude Tuesday at 558.24.
ON WALLSTREET
Stock futures were lower Wednesday, putting Wall Street on track to build on the losses from the previous session.
Futures for the Dow Jones Industrials declined 134 points, or 0.4%, to 37,419.
Futures for the S&P 500 faded 20.25 points, or 0.4%, at 4,775.25.
Futures for the NASDAQ dropped 87.75 points, or 0.5%, to 15,878.75.
Wall Street is coming off a losing session, as the yield on the 10-year Treasury note marched back above 4% after Federal Reserve Governor Christopher Waller warned easing monetary policy may come slower than anticipated.
Fourth-quarter earnings gain steam this week and could serve as the next major test for the market that could dictate the setup for 2024.
Shares of Charles Schwab fell 0.5% during premarket trading after reporting an earnings beat but revenue miss. U.S. Bancorp also slipped 0.3% after its revenue also came in below expectations.
Wall Street awaits December retail sales due out Wednesday. The findings could offer further insight into the health of the consumer or contribute to growth concerns should spending ease.
The Federal Reserve's beige book and business inventories for November are also slated for Wednesday, along with remarks from New York Federal Reserve Bank President and CEO John Williams.
In Japan, the Nikkei 225 docked 0.4% Wednesday, while in Hong Kong, the Hang Seng Index tumbled 3.7%.
Oil prices flopped $1.45 to $70.95 U.S. a barrel.
Gold prices hesitated 20 cents to $2,030 U.S. an ounce.
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