Despite a strong start, Canada’s main stock index ended in the red on Tuesday, held down by a drop in energy shares and investor caution ahead of upcoming U.S. inflation data. The tech sector was the main gainer on the TSX, while an early rally in that market south of the border faded quickly.
Wall Street markets have struggled in these first two weeks of September. Two significant economic reports are expected to be the next market movers: The consumer price index for August, due on Wednesday, and the producer price index on Thursday. Investors are also hopeful that a widely anticipated interest rate cut at the Federal Reserve’s meeting on Sept. 17 and 18 could alleviate concerns about a slowing economy.
The Canadian dollar traded for 73.51 cents U.S. compared with 73.73 cents U.S. on Monday.
U.S. crude futures traded $2.48 lower at $66.23 a barrel, and the Brent contract lost $2.23 to $69.61 a barrel.
The price of gold was up US$10.40 to US$2,517.10.
In world markets, the Nikkei was down 56.59 points to 36,159.16, the Hang Seng was up 37.13 points to 17,234.09, the FTSE was down 64.86 points at 8,205.98, and the DAX was down 177.64 points to 18,265.92.
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(Top image generated with AI)