From The Globe and Mail: 2024-04-08 05:06:13

Canada’s main stock index fell slightly as healthcare and resources stocks dragged, with investors anticipating Bank of Canada’s rate decision and key US economic data. The S&P/TSX composite index dipped 0.09% to 22,245.03. Bausch Health led healthcare declines, while energy and materials also saw drops. The Bank of Canada is expected to keep rates steady amid optimistic economic data.

While US stocks hesitated amid increasing Treasury yields, bets on Fed rate cuts diminished. Weekly losses stemmed from reduced expectations of rate cuts. Investors lowered expectations of more than three rate cuts, seeing a 51% chance of a June cut. Skepticism arose over cutting rates amid resilient economic data.

Market focus shifts to the US Consumer Price Index and Fed meeting minutes for policy cues. Treasury yields reached a November high, pressuring equities. With strong economic numbers and a looming rate cut, skepticism arose over the need for cuts.
Tesla lifted losses as its CEO hinted at the Robotaxi unveiling. US indices saw mixed movements, with a rise in the Dow Jones and slight gains in the S&P 500 and Nasdaq. Cryptocurrency-related stocks surged alongside bitcoin. Exchange operators and crypto miners recorded significant gains.

Amid a mixed day for US stocks, consumer discretionary sectors shone while tech sectors lagged. Cryptocurrency-related stocks soared in line with rising bitcoin prices. Advancing stocks outnumbered decliners on both the NYSE and Nasdaq. The S&P index hit new highs and lows, while the Nasdaq tracked 46 new highs and 33 new lows.



Read more at The Globe and Mail: At midday: TSX sits flat as investors prepare for Bank of Canada rate decision