By Ketki Saxena
Investing.com -- Canada's main stock exchange, the S&P/TSX Composite index closed in the red as the commodity-heavy Canadian index was pressured by mining stocks, which hit a 10-month low on metal prices as investors digested higher for longer Fed fears.
On Wall Street, the Dow and S&P500 closed in the red, while the Nasdaq managed to eke out a gain, as Treasury yields continued to climb.
The TSX gained some support from energy stocks, as oil priced jumped over 3% following another weekly drop in US crude stockpiles.
Canadian Stock Market News
Cannabis stocks rose following the Senate Banking Committee's approval of the Secure and Fair Enforcement Regulation (SAFER) Banking Act, before paring gains in line with the broader market. The Act will now head to the Senate floor.
Corus Entertainment (TSX:CJRb) announced that it will cease production on Canadian arts and entertainment magazine Entertainment Tonight, noting "The costs of producing a daily entertainment newsmagazine show in a challenging advertising environment have led to this decision".
Air Canada (TSX:AC). announced that operations will run as usual during an informational picket by pilots at Pearson International Airport, on Friday, as Canadian pilots follow counterparts at Delta. and American Airlines (NASDAQ:AAL) in an attempt to negotiate higher salaries and better scheduling.
Shopify (TSX:SHOP) announced plans to invest in wholesale platform Faire, but has not yet disclosed the deal value and stake details.
Peyto Exploration (TSX:PEY) & Development shares rose as multiple brokerages raised their price targets on the company.
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In Canadian Economics
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All currencies CAD, unless stated otherwise.