A broad decline led by plummeting energy shares took a serious bite out of Canada’s main stock index on Thursday. The energy sector fell to a near three-month low on the TSX. Bank of Canada Governor Tiff Macklem said in a conference there is a limit to how far the central bank can diverge on rate cuts from the U.S. Federal Reserve, but it was not close to that limit.
On Wednesday, the Fed projected only one interest-rate cut this year. The S&P 500 fell from its highs from the previous session slightly by the end of Thursday’s trading, but it remained near record levels after a May consumer inflation report that came down lower than forecast.
The Canadian dollar traded for 72.77 cents U.S. compared with 73.04 cents U.S. on Wednesday.
U.S. crude futures traded $0.53 lower at $77.97 a barrel, and the Brent contract lost $0.47 to $82.13 a barrel.
The price of gold was down US$16.85 to US$2,304.03.
In world markets, the Nikkei was down 156.24 points to 38,720.47, the Hang Seng was up 174.79 points to 18,112.63, the FTSE was down 58.67 points to 8,156.81, and the DAX was down 370.57 points to 18,260.29.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo: Stock image generated with AI)