Canada's main stock index posted anemic gains Wednesday as a rise in battery metals, industrials and health care balanced out weakness in technology stocks, while U.S. markets were mixed after another central bank rate hike.
The Federal Reserve hiked its key interest rate for an 11th time by a quarter of a percentage point Wednesday, echoing the Bank of Canada’s move earlier in July as central banks continue their fight against inflation. In New York, the Dow Jones Industrial Average was up 82.05 points at 35,520.12. The S&P 500 Index was down 0.71 points at 4,566.75, while the Nasdaq Composite was down 17.27 points at 14,127.28.
The Fed acknowledged some progress in labour markets and wage growth, and is not signalling another rate hike at this time, said Crowther.“At this point, it’s clear that monetary policy change, even when it’s applied sharply over a short time, it takes longer than many people would think to produce the outcomes that they’re looking for. So I think they’re ... still waiting, and going to be watching.
“Between Microsoft and Alphabet, that’s four trillion of market cap with stocks pulling in opposite directions,” said Crowther. More big names are expected to report this week, while Canada is also getting its earnings season underway. The Canadian dollar traded for 75.64 cents U.S. compared with 75.85 cents U.S. on Tuesday.
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