By Ketki Saxena
Investing.com -- Canada's main stock market index, the S&P/TSX Composite traded higher by the afternoon, tracking gains on Wall Street after messaging from Fed Chair Jerome Powell that indicated that more rate hikes could be on the way, but that the Fed would proceed carefully as we decide whether to tighten further."
The messaging was not as hawkish as feared, and yields remained flat after the announcement, supporting equities.
The commodity-heavy Canadian index was also supported by gains in crude prices, following a fire at a Louisiana refinery, as Fed comments somewhat allayed worries of an economic downturn, and pushed the OPEC+ supply cuts to the forefront once again as the key impetus in crude markets.
Canadian Stock Market News
TD Bank (TSX:TD) Group shares fell after it said it expects fines and "non-monetary" penalties following investigations by U.S. authorities related to its anti-money laundering compliance program - and after the bank missed estimates on earnings yesterday.
Despite beating earnings expectations yesterday, RBC (TSX:RY) was downgraded by Veritas Analyst Nigel D’Souza downgraded RBC to a reduce rating, who also lowered his valuation on the stock’s 12-month price target to $122 per share, down from $140.00 per share.
BlackBerry (TSX:BB) shares surged after reports from a source that private equity firm Veritas Capital has put in an offer to acquire the company. Details of the offer were not disclosed.
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In Canadian Economics
The federal government posted a budgetary surplus of $3.62 billion for the first three months of its 2023-24 fiscal year, down from a surplus of $10.20 billion in the same period a year earlier. revenues for the period totalled $110.58 billion, up from $107.88 billion a year earlier. Program expenses excluding net actuarial losses came in at $93.81 billion, up from $87.03 billion this time last year.