North American indexes ended lower on Monday, as investors continued to parse comments from Fed officials about the course of future interest rate hikes in the United States.
By Monday’s close, Wall Street’s main stock indexes registered mild losses, while the TSX fell 190 points, as lower oil prices weighed on the energy sector.
U.S. and Canadian stock indexes rallied Tuesday after fresh inflation data showed that the U.S. producer price index rose 8% year over year, down from September’s 8.4%. That was especially good news for the tech-heavy Nasdaq, which climbed 162 points, while the TSX, Dow and S&P 500 recorded more modest gains.
Wall Street’s main indexes ended lower on Wednesday as a downbeat forecast from Target spurred fresh concerns about retailers heading into the crucial holiday season. The TSX also ended lower, weighed down by declines in the energy and materials sectors. By Wednesday’s close, the Dow fell 39 points, the TSX lost 37 points, while the S&P 500 and Nasdaq dropped 33 and 175 points, respectively.
Data released Wednesday showed Canada’s annual inflation rate held steady at 6.9% in October, matching the previous month. Analysts are now expecting a 25- or 50-basis-point hike when the Bank of Canada meets again next month.
U.S. stock indexes fell on Thursday as hawkish comments from a key Fed official fueled concerns that the central bank won’t be pivoting away from higher rates anytime soon. Additionally, the number of Americans filing new jobless claims fell last week, indicating an exceptionally tight U.S. labour market, which should allow for more Fed tightening. By Thursday’s close, all three major U.S. indexes were down slightly. In Canada, the TSX lost 73 points on weakness once again in the energy and materials sectors.
North American Indexes Lose Ground
For the four trading days covered in this report, the Dow lost 202 points to close at 33,546, the S&P 500 dropped 47 points to settle at 3,946, while the tech-heavy Nasdaq sunk 178 points to close at 11,145. In Canada, the TSX lost 227 points to end at 19,884.
source https://rosenbergdri.ca/weak-retail-sales-hawkish-fed-continue-to-weigh-on-indexes/
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