Losses in the energy and materials sectors led the way downward for the TSX on Tuesday. The telecom sector led some growth in the market, as did shares among health care, tech and industrials. Traders were disappointed that core inflation rose more than expected in December ahead of next week’s Bank of Canada interest rate decision. Statistics Canada reported the Consumer Price Index rose 3.4 per cent on a year-over-year basis in December, following a 3.1 per cent increase in November 2023.
U.S. markets also spent the day in the red as rates moved higher and the latest batch of Q4 earnings were a mixed bag. Major banks Goldman Sachs and Morgan Stanley reported better-than-expected profit and revenue.
The Canadian dollar traded for 74.09 cents compared to 74.46 cents U.S. on Monday.
U.S. crude futures traded $0.80 lower at $71.88 a barrel, and the Brent contract lost $0.37 to $77.78 a barrel.
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