By Ketki Saxena
Investing.com -- The TSX traded flat this afternoon, even as Wall Street indices declined after hawkish remarks made by U.S. Federal Reserve Chairman Jerome Powell during his congressional testimony. He emphasized that the central bank is determined to control inflation and hinted that potential interest rate hikes were likely.
The commodity-heavy Canadian index meanwhile was supported by gains in crude.
The Biggest Stories on Bay Street
Real estate investment trust Allied Properties REIT (TSX:AP_u) disclosed their agreement to sell several urban data centre properties located in downtown Toronto to Japan-based KDDI Corporation for an estimated $1.35 billion.
Spartan Delta Corp (TSX:SDE) plummeted, with shares falling to their lowest point since December 2021 after analysts at Bank of Montreal (TSX:BMO) reduced their target price for the energy company’s stock.
Canadian Stocks Moving Markets Today
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In Canadian Economics
The Bank of Canada today unveiled its summary of deliberations for its June interest rate announcement. The decision behind raising rates stemmed from recent economic data revealing higher annual inflation rates and surprisingly robust consumer spending, with officials observing an economy "clearly in excess demand."
Statistics Canada revealed that retail sales rose by 1.1%. This increase led April’s total sales figures up to $65.9 billion, with gains observed across eight out of nine subsectors including general merchandise retailers and food & beverage retailers.