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Toronto Stocks Wobble as Countdown Begins Toward Fed Decision

Published 2024-09-10, 08:25 a/m
© Reuters.  Toronto Stocks Wobble as Countdown Begins Toward Fed Decision
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Baystreet.ca - Canada's main stock index fell on Tuesday as energy shares slid, while investor caution ahead of U.S. inflation data also weighed on the overall losses.

The TSX Composite Index dived 149.32 points, to 22,877.83.

The Canadian dollar stepped back 0.22 at 73.51 cents U.S.

Fission Uranium's shareholders voted in favor of Paladin Energy's proposed acquisition of the Canadian resource company, the Australian miner said. Fission shares galloped seven cents, or 9%, to 85 cents by midday Tuesday.

The leading shares were Kinross Gold Corp (TSX:K), up 46 cents, or 4%, to $12.02, and Aya Gold & Silver Inc, up 19 cents, or 1.5%, to $13.19.

The most heavily traded shares by volume were Canadian Natural Resources Ltd (TSX:CNQ), Suncor Energy Inc (TSX:SU) and Baytex Energy Corp (TSX:BTE). Shares in Natural Resources declined $1.60, or 3.5%, to $43.80, while Suncor shares were bruised $1.74, or 3.4%, to $48.97, while those for Baytex were pummeled 20 cents, or 4.8%, to $3.94.

ON BAYSTREET

The TSX Venture Exchange let go of 2.46 points to 546.50.

All but three of the 12 TSX subgroups were weaker, with energy sliding 2.9%, consumer discretionary stocks falling 1.4%, and communications were off 0.8%.

Real-estate gained 0.6%, gold shone brighter 0.5%, and materials ahead 0.3%.

ON WALLSTREET

Stocks fell Tuesday as Wall Street kept struggling to find its footing in September, and an earlier pop in tech shares fizzled.

The Dow Jones Industrial index stumbled 390.64 points, or 1%, to move into Tuesday afternoon at 40,438.95.

The S&P 500 index sank 23.57 points to 5,446.39.

The NASDAQ tumbled 60.59 points to 16,824.02.

Nvidia (NASDAQ:NVDA) was 1% lower after rising more than 2% at its high of the day. Alphabet (NASDAQ:GOOGL), AMD (NASDAQ:AMD) and Meta (NASDAQ:META) Platforms were also slightly lower. Tech stocks have been struggling of late, losing more than 7% this quarter. Those moves come as concern over the state of the economy grows, leading investors to dump high-flying tech names.

Bank stocks also put pressure on the broader market. Shares of JPMorgan (NYSE:JPM) fell 7.3% after the company offered cautious commentary on net interest income in 2025 at an industry conference.

On the earnings front, cloud platform company Oracle (NYSE:ORCL) surged nearly 12.5% after posting fiscal first-quarter results that topped expectations and announcing a partnership with Amazon (NASDAQ:AMZN) Web Services to provide database services.

Investors are also betting that a widely anticipated interest rate cut at the Federal Reserve’s Sept. 17-18 meeting could help assuage concerns over a weakening economy.

Traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday.

Prices for the 10-year Treasury jumped, lowering yields to 3.66% from Monday’s 3.71%. Treasury prices and yields move in opposite directions.

Oil prices took on $2.95 to $65.76 U.S. a barrel.

Gold prices brightened $7.40 to $2,540.10.

This content was originally published on Baystreet.ca

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