(MENAFN- Baystreet) TSX Opens Lower as Central Bank Stands Pat
Futures Grow Ahead of BoC Word
TSX Jumps Triple Digits
TSX Hangs on by Noon
TSX in Positive Country Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, April 10, 2024
TSX Red by Noon Honeywell, Apple in Focus Canada's main stock index fell nearly 1% on Wednesday after the Bank of Canada (BoC) ruled out rate cuts until there were visible signs of sustained inflation drop, while a hot inflation report in the U.S. further dampened the sentiment.
The TSX Composite remained negative 182.19 points, or 1%, to reach noon EDT at 22,179.59.
The Canadian dollar handed over 0.64 cents at 73.03 cents U.S.
National Bank of Canada initiated coverage of Hammond Power Solutions with a "sector perform" rating. Hammond shares fell $1.26 midday to $156.09.
The BoC today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
Meantime, money market participants are pricing in a little over 72% bets of a cut in June.
Also, Statistics Canada reported the total monthly value of building permits in Canada increased 9.3% from January to $11.8 billion in February.
ON BAYSTREET
The TSX Venture Exchange slumped 5.43 points to 582.74.
All but two of the 12 TSX subgroups were negative by noon, with real-estate sliding 2.1%, utilities off 2%, and financials down 1.5%.
The lone holdouts were in energy, up 0.9%, and industrials, eking up 0.04%.
ON WALLSTREET
Stocks tanked on Wednesday after March inflation data came in hotter than expected, likely pushing off interest rate cuts by the Federal Reserve that investors have been anticipating.
The Dow Jones Industrial Average plummeted 509.29 points, or 1.3%, to 38,374.88.
The S&P 500 slumped 61.58 points, or 1.2%, to 5,148.33.
The NASDAQ sank 188.5 points, or 1.2%, to 16,118.16.
Bank shares, including JPMorgan Chase declined 1%, and industrial shares like Honeywell, slipped 1.9% on worries higher rates will start to suffocate the economy. Once red-hot tech stocks Microsoft and Apple also pulled back 1% each.
All sectors in the broad market index were red for the day. Real estate fell around 4%, leading sector losses for the day. The S&P 500 had been treading water in April in anticipation of this inflation report following a roaring start to the year where the benchmark rallied 10% for its best first quarter gain in five years.
The CPI in March rose 0.4% for the month and 3.5% year-over-year, versus estimates of a 0.3% monthly increase and 3.4% year-over-year, according to economists polled by Dow Jones. Core CPI, which excludes volatile food and energy prices, accelerated 0.4% from the previous month while rising 3.8% from a year ago, compared to estimates for 0.3% and 3.7%, respectively. CPI in April increased at a 3.2% annual pace for all items.
Prices for the 10-year Treasury dropped sharply, raising yields to 4.51% from Tuesday's 4.36%. Treasury prices and yields move in opposite directions.
Oil prices gained 10 cents to $85.33 U.S. a barrel.
Gold prices docked five dollars to $2,357.40 U.S. an ounce.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN10042024000212011056ID1108081713
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.