By Ketki Saxena
Investing.com -- The TSX traded on a moderately positive note by afternoon trading, reversing the morning's gains and tracking the Nasdaq lower as investors digest the implications of the possibility the U.S. Federal Reserve will be concluding its monetary tightening campaign shortly. While market participants are predicting a 77% likelihood for another increase of 25 basis points in July, a further hike could be on the way, leading to uncertainty around rate-sensitive sectors.
The expiration of June futures contracts also contributed to heightened volatility within the Canadian markets.
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RONA Inc. announced plans to cut approximately 500 jobs across Canada as part of an effort to streamline its organizational structure. This decision is said to be a result of challenging market conditions and economic slowdown.
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A report from Statistics Canada revealed that foreign investors acquired $13.5 billion worth of Canadian securities during April after substantial divestment activity observed in March. Conversely, domestic investors added $2.4 billion worth of foreign securities into their portfolios following four consecutive months marked by reductions.
Wholesale trade numbers for April (excluding petroleum products and oilseed/grain categories), showed a decrease of 1.4% amounting to $80.9 billion—primarily led by miscellaneous items alongside food, beverage, and tobacco product subsectors.