Dec 10, 2024 (Baystreet.ca via COMTEX) --
Equities in Canada's largest market slipped on Tuesday, pulled down by telecom stocks, while investors awaited the Bank of Canada's policy decision later this week where a large interest rate cut is expected.
The TSX settled 51.43 points approaching noon Tuesday to 25,573.99.
The Canadian dollar poked ahead 0.04 cents to 70.59 cents U.S.
The BoC is widely anticipated to cut policy rate by an outsized half percentage point on Wednesday. The expectations jumped after Friday's jobs data showed a sharp rise in the country's unemployment rate.
Though Canada's inflation remains right within the central bank's 2% target range, investors have expressed concerns about its dismal economic growth.
In corporate news, food retail and distribution company North West Company missed third-quarter revenue estimates. North West shares tacked on seven cents to $52.24.
ON BAYSTREET
The TSX Venture Exchange slid 1.06 points to 613.69.
All but three of the 12 TSX subgroups were near noon EST, weighed most by health-care, down 1.6%, utilities, sliding 0.8%, and information technology, down 0.4%.
The three gainers were gold and consumer discretionary, up 0.2%, and energy, edging up 0.1%.
ON WALLSTREET
Stocks were little changed on Tuesday, as traders digested a year-end rally to record levels while awaiting new U.S. inflation data set for release this week.
The Dow Jones Industrial index regained 53.93 points to stop for lunch Tuesday at 44,454.16.
The S&P 500 index nosed ahead 0.94 points to 6,053.79
The NASDAQ Composite edged 2.64 points to 19,739.33
Oracle shares slumped more than 7% after the database software company posted fiscal second quarter results that missed Wall Street's estimates. The stock has jumped almost 67% this year.
The major averages fell on Monday. The S&P 500 and the NASDAQ Composite slid about 0.6%, dropping from recent records as shares of
Nvidia declined. Shares of the chip giant were marginally lower Tuesday, extending the more than 2% loss seen in the previous session after a Chinese regulator said it was investigating the company for possibly violating the country's antimonopoly law.
By contrast, Meta Platforms - which also saw losses in the previous session - was slightly higher Tuesday, rising nearly 1%.
Investors are now waiting on the U.S. consumer price index report, which is due Wednesday and could influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18 meeting. Economists polled by Dow Jones forecast that headline inflation rose 0.3% in November and 2.7% over the prior 12 months.
Prices for the 10-year Treasury lagged, raising yields to 4.23% from Monday's 4.20%. Treasury prices and yields move in opposite directions.
Oil prices hiked 50 cents to $68.87 U.S. a barrel.
Prices for gold jumped $28.60 an ounce to $2,714.40 U.S.
COMTEX_460694398/2559/2024-12-10T11:57:13
