By Ketki Saxena
Investing.com -- The TSX declined by the late afternoon, while Wall Street traded on a mixed note as market sentiment continued to remain cautious ahead of Friday’s all-important US nonfarm payrolls report. Today’s ADP report meanwhile showed private payrolls coming in cooler than expected.
In Canada, the Bank of Canada held its interest rate at 5%, as expected.
Toronto Stock Market News
Shopify Inc (TSX:SHOP)’s Investor Day had mixed reviews from analysts, with Wedbush lowering its rating on the stock to Underperform, citing “limited room for further multiple expansion.”
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In Canadian Economics
The Bank of Canada held rates at 5%, noting that the economy was cooling and inflation pressures easing. However, the BoC stated reiterated that it remained prepared to hike interest rates further if needed. Markets expect the Bank of Canada to keep rates steady until it begins cutting in H2 2024.
Data from Statistics Canada showed that Canada's merchandise trade surplus grew to $3 billion in October as imports fell and exports edged higher. The figure compares with a revised September surplus of $1.1 billion.
Canada’s seasonally-adjusted IVEY PMI rose to 54.7 in November from 53.4 in October, its highest level since April. A reading above 50 indicates an expansion.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.