TSX Opens Higher Ahead Of Boc Rate Word
Date
1/30/2025 12:11:52 AM
(MENAFN- Baystreet)
Canada's main stock index opened higher on Wednesday as investors awaited interest rate verdicts and comments from the U.S. federal Reserve and the bank of Canada, due later in the session.
The TSX index gained 134.89 points to 25,554.34.
The Canadian dollar subsided 0.18 cents at 69.26 cents U.S.
The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.
In corporate news, consulting services firm CGI reported first-quarter revenue below estimates. CGI shares zoomed $2.88, or 1.8%, to $167.65.
ON BAYSTREET
The TSX Venture Exchange nosed up 3.56 points to 612.99.
All but one of 12 TSX subgroups were higher in the first hour, led materials, ahead 1.5%, gold, brighter 1.4%, and consumer staples, up 0.8%.
Only communications missed the party, backing off 0.1%.
ON WALLSTREET
Stocks were little changed Wednesday as investors turned toward the first Federal Reserve interest rate decision of 2025, while Nvidia slipped following a strong session.
The Dow Jones Industrials gained 61.36 points to open Wednesday at 44,911.71
The S&P 500 index flopped 17.28 points to 6,050.42.
The NASDAQ Composite lost 120.20 points to 19,613.33, as Nvidia shares dropped 3% - adding to an already volatile week for the tech giant.
A volley of Big Tech earnings are also due Wednesday afternoon, with Meta Platforms, Microsoft and Tesla issuing their quarterly reports.
The Fed is scheduled to deliver its latest monetary policy decision at 2 p.m. ET. A news conference with Chair Jerome Powell is also slated for 2:30 p.m. ET.
Fed funds futures data reflect a nearly 100% certainty that the central bank will keep rates steady at a target range of 4.25% to 4.5%,
Prices for the 10-year Treasury gained ground, lowering yields to 4.52% from Tuesday's 4.54%. Treasury prices and yields move in opposite directions.
Oil prices docked 39 cents to $73.38 U.S. a barrel.
Prices for gold jumped $3.10 an ounce to $2,797.700.80 U.S.
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