By Ketki Saxena
Investing.com – The TSX tracked the Dow Jones and S&P500 lower this afternoon, following the release of meeting minutes from the Federal Reserve.The Fed's minutes showed policymakers continue to think further rate hikes are needed to bring inflation back to control, particularly as labour markets remain tight.
Crude prices also weighed on the commodity heavy Canadian index today, with materials tracking gold and silver prices lower. Crude prices meanwhile slid on Fed worries, anticipation for a rise in US crude inventories.
The Biggest Stories on Bay Street
Ritchie Bro Auctioneers reported a profit of $45.3 million or 40 cents per diluted share for the quarter ended Dec. 31, up from a profit of $30.6 million or 27 cents per diluted share this time a year ago. Revenue totalled US$443.9 million for the quarter, up from $359.4 million a year earlier.
Gildan Activewear reported a profit of US$83.9 million or 47 cents per diluted share for the quarter ended Jan. 1, compared to profit of US$173.9 million or 89 cents per diluted share a year earlier. Revenue in the quarter totalled US$720.0 million, down from US$784.3 million in the fourth quarter of 2021.The company increased its quarterly dividend to 18.6 cents U.S. per share, up from 16.9 cents U.S.
Canadian Stocks Moving Markets Today
Top Gainers:
- Gfl Environmental Holdings Inc (TSX:GFL)
- Equinox Gold Corp (TSX:EQX)
- Gildan Activewear Inc. (TSX:GIL)
Top Losers:
In Canadian Economics
Statistics Canada reported that new home prices fell 0.2% month over month in January, with sales falling or unchanged in 25 out of 27 census metropolitan areas tracked saw prices down or unchanged in the month. Apart from rising-interest rates that have cooled the housing market, lower construction costs, including lumber which was down 61.2% from its March high, continued to contribute to home price declines.