TORONTO — Canada's main stock index crept lower on Monday even as the price of oil rose, while U.S. markets were led higher by the Nasdaq as investors...
TORONTO — Canada's main stock index crept lower on Monday even as the price of oil rose, while U.S. markets were led higher by the Nasdaq as investors anticipate an upcoming interest rate decision by the central bank.In New York, the Dow Jones industrial average was up 75.66 points at 38,790.43.The S&P 500 index was up 32.33 points at 5,149.42, while the Nasdaq composite was up 130.27 points at 16,103.45.
Though the central bank is expected to keep the key interest rate steady, its updated projections could shake the market if its expectations for rate cuts move lower, said Djataou. Tuesday will bring the latest Canadian inflation data. It’s expected to be higher because of energy prices but for core inflation to be unchanged, said Djataou.
The TSX was flat Monday despite strength south of the border, as the continued momentum of AI isn’t reflected in the relatively small part tech plays on the Canadian index.On the world stage, all eyes are on the Bank of Japan, which hasn’t hiked rates — in negative territory as of Monday — since 2007. A tightening of the central bank’s policy could have a global impact, said Djataou, as it could compel Japanese investors to invest more at home.
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