By Ketki Saxena
Investing.com -- After a strong start to the day, Canada's main stock index, the S&P/TSX composite index traded flat by late afternoon, tracking the Dow lower as crude prices retreated. Oil prices pared gains by the afternoon as data showed rises in production in OPEC+ countries despite a planned production cut of 1 million barrels per day (bpd).
Canadian investors also remained cautious ahead of domestic GDP data, due tomorrow.
Canadian Stock Market News
Canadian Imperial Bank Of Commerce (TSX:CM) reported a net income of $1.430 million in the third quarter of the current financial year. This figure contrasts with the $1.666 million recorded in the corresponding quarter last year.
Laurentian Bank (TSX:LB) posted a third-quarter net income of C$49.3 million, down from $55.9 million in the same quarter last year.
Shares of cannabis companies surged following a proposal by a U.S. health agency to reclassify marijuana as a substance of lower risk.
Shopify (TSX:SHOP) shares surged after it announced that Amazon (NASDAQ:AMZN) will be releasing an app in its own app ecosystem that will give US-based merchants who use Amazon’s fulfillment network the option to add ‘Buy with Prime’ on Shopify’s checkout, processed by Shopify Payments.
View all released and upcoming earnings reports on our earnings calendar.
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In Canadian Economics
Data from the Canadian Federation of Independent Business indicated an increase in long-term optimism among businesses. Canada's CFIB Business Barometer index rose by 0.4 points from last month to 54.8 in August.
View all economic data releases on our economic calendar.