S&P/TSX composite posts small Monday gain, U.S. markets mixed
TORONTO –
Canada’s most important inventory index ticked upward Monday because of broad-based power whereas U.S. markets have been blended.
The S&P/TSX composite index was up 79.13 factors at 20,275.82.
In New York, the Dow Jones industrial common was up 101.23 factors at 33,586.52. The S&P 500 index was up 4.09 factors at 4,109.11, whereas the Nasdaq composite was down 3.60 factors at 12,084.36.
Monday was a “wishy-washy” day on the markets, mentioned Philip Petursson, chief funding strategist at IG Wealth Management.
Investors are looking forward to Wednesday, when the newest U.S. inflation information will come out and the Bank of Canada will announce its rate of interest choice, mentioned Petursson.
“The market is waiting, I think, for a number of signals,” he mentioned.
While the Bank of Canada is assumed to proceed with its pause on charges, traders will likely be serious about what the central financial institution may sign concerning the future, he mentioned.
“The question is whether they outline their intent towards any cuts, starting in the middle of the year,” mentioned Petursson. “I believe the market’s hanging on that.
However, he expects markets within the U.S. and Canada to maneuver largely in response to U.S. CPI on Wednesday, which is able to give perception into whether or not the U.S. Federal Reserve will increase or maintain its personal key rate of interest subsequent month.
“All eyes are on CPI right now,” Petursson mentioned.
U.S. earnings will begin rolling in on the finish of the week, starting with some main banks, which Petursson mentioned may even be key for traders to look at.
“If the banks come out with softer earnings and also a cautionary tale on credit expansion, then that lets you know not only where the economy is going to go, but what the Fed is going to do,” he mentioned.
“We have a lot coming up in the next two weeks,” mentioned Petursson, including that he thinks earnings for the primary quarter of the yr will likely be decrease than many traders anticipate.
“Right now the market is a little bit more optimistic that it’ll be just a minor pullback in earnings growth, but I think it could be a little more significant.”
The Canadian greenback traded for 73.93 cents US in contrast with 74.19 cents US on Thursday.
The May crude contract was down 96 cents at US$79.74 per barrel and the May pure fuel contract was up 16 cents at US$2.17 per mmBTU (million British thermal items).
The June gold contract was down US$22.60 at US$2,003.80 an oz. and the May copper contract was down virtually 4 cents at US$3.98 a pound.
This report by The Canadian Press was first revealed April 10, 2023.
