Stocks to Continue Their Downward Journey



Futures for Canada’s main stock index dipped on Wednesday as cautious investors awaited further clues about the U.S. interest rate cut trajectory, while a decline in gold prices also weighed.

The TSX Composite flopped 110.15 points to end Tuesday at 22,075.10

June futures dipped 0.3% Wednesday.

The Canadian dollar dipped 0.03 cents 73.69 cents U.S.

In corporate news, Wood products firm West Fraser Timber and Mercer announced the dissolution of Caribo Pulp and Paper joint venture, with West Fraser to continue as sole owner/operator of the mill.

ON BAYSTREET

The TSX Venture Exchange gained 1.05 points Tuesday to 569.47.

ON WALLSTREET

U.S. stock futures were slightly lower Wednesday, as Wall Street’s struggles to start the second quarter of 2024 continued.

Futures for the Dow Jones Industrials lost two points to 39,506.

Futures for the S&P 500 forfeited 4.75 points, or 0.1%, to 5,255.75.

Futures for the NASDAQ Composite faltered 29.25 points, or 0.2%, to 18,300.75.

Wall Street is coming off a losing session for the major benchmarks after sticky inflation data from last week, as well as some strong manufacturing figures, had investors concerned the Federal Reserve will take longer to cut interest rates.

Still, some market observers remain optimistic overall on equities, saying stocks are due for some consolidation after a strong start to the year.
The S&P 500 is coming off its best first quarter since 2019.\

On Wednesday, investors will get more insight into the labor market with the ADP private payrolls report, which comes ahead of the March jobs data on Friday. The ISM services index is set to release after the open.

On the earnings front, Levi Strauss will be reporting after the close.

In Japan, the Nikkei 225 gained 1% Wednesday, while in Hong Kong, the Hang Seng advanced 1.2%.

Oil prices were boosted 71 cents to $85.86 U.S. a barrel.

Gold prices hiked $9.20 to $2,291.00 U.S. an ounce.



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