TSX Tracks Wall Street Lower Ahead of Fed, Megacap Earnings By Investing.com

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TSX Tracks Wall Street Lower Ahead of Fed, Megacap Earnings

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By Ketki Saxena

Investing.com -- The TSX traded in the red this morning, tracking Wall Street indices lower as investors await a busy week ahead chock full of megacap earnings, and a monetary policy announcement from the US Federal Reserve due Wednesday.

Investors are expecting a 25 bps move from the Fed this week, hoping for a slowdown in the central bank’s monetary policy tightening ahead, and realizing profits ahead of the move, weighing on growth stocks. Tech stocks are also under pressure ahead of a downbeat outlook and earnings expected from companies including Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL).

The commodity heavy Canadian index was further pressured by crude prices as Russian supply remains steady, and investors worry about global demand ahead of rate-hikes expected by the Fed, Bank of England, and European central bank.

The Biggest Stories on Bay Street

The deadline for the Rogers-Shaw-Quebecor-Freedom mobile has been extended to February 17. The original deadline was supposed to have been tomorrow. After a series of twists, turns, and tribulations, the deal cleared a key hurdle last week following the Federal Court of Appeal’s dismissal of the Competition Bureau’s appeal against the deal. The agreement is still waiting for approval by Industry Minister François-Philippe Champagne.

Brookfield Asset Management (TSX:BN) Ltd. is reportedly in talks to take over the private equity secondaries business of Deutsche Bank (ETR:DBKGn) AG’s asset management arm. The proposed sale of Deutsche’s secondaries business comes as the asset manager attempts to grow its alternatives business, which includes real estate, infrastructure and private debt.

Canadian Stocks Moving Markets Today

Top Gainers:

Denison Mines Corp (TSX:DML)
NexGen Energy Ltd. (TSX:NXE)
Brookfield Business (TSX:BBUC) Partners LP (TSX:BBU_u)

Top Losers:

Bausch Health (TSX:BHC) Companies Inc (NYSE:BHC)
Westshore Terminals Investment Corp (TSX:WTE)
Peyto Exploration (TSX:PEY)

No Major Canadian Economic Data Due

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