By Ketki Saxena
Investing.com -- Canada’s main stock index, the S&P/TSX Composite index tracked Wall Street lower today, as escalating tensions in the Middle East spurred risk-aversion, and US home build data added to signals of economic robustness and worries of higher for longer interest rates from the Federal Reserve.
Investors will now be awaiting earnings from Netflix (NASDAQ:NFLX) and Tesla (NASDAQ:TSLA) after the close to further guide market sentiment.
Meanwhile, the commodity-heavy Canadian index received some support from crude prices, as the Middle East conflict, a bigger than expected US storage draw, and as Chinese GDP expanded by more than expected. Chinese GDP data also helped boost copper and other base metals, supporting miners.
Canadian Stock Market News
Lithium Americas Corp (TSX:LAAC) shares fell after Deutsche Bank (ETR:DBKGn) downgraded their rating on the stock from "hold" from "buy", and drastically reduced its target price to $7 from $25.
Scotiabank (TSX:BNS) announced it will cut 3% of its global workforce. Scotia also announced that its QR results will be adjusted for “notable items”, which will impact its results by $590 million after-tax or 49 cents per share
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In Canadian Economics
Canada's housing starts unexpectedly rose in September, rising 8% from August.
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