By Ketki Saxena
Investing.com -- The TSX tracked Wall Street indices lower this morning, tracking Wall Street lower as investors awaited congressional testimony from US Federal Reserve Chair Jerome Powell tomorrow, and as hot US housing data sparked apprehensions regarding potential Federal Reserve rate hikes. Canadian investors meanwhile will also be keeping an eye on the minutes, due tomorrow, from the Bank of Canada's latest policy meeting.
The commodity-heavy Canadian index was also pressured by crude prices, which remained depressed on expectations of slower growth in China, and as the rate cut to China's key lending rate was smaller than expected.
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Shopify (TSX:SHOP) shares rose after Oppenheimer raised its price target for the company’s stock.
Meanwhile, the Canadian Imperial Bank of Commerce ( CIBC (TSX:CM)) has been under remediation orders imposed by Canada's banking regulator, related to violations regarding mortgage portfolio debt restrictions.
Dream Office REIT (TSX:D_u) shares fell after TD (TSX:TD) Securities reduced the company's price target. Dream Office REIT also reported preliminary results of its $193.8 million issuer bid yesterday after the market closed.
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In Canadian Economics
Statistics Canada reported that job vacancies decreased by 33,500 (-3.8%) Q1 of 2023, falling to 843,200, and marking the third straight quarterly decline from Q2 2022's record high (984,600).