What’s going on here?
The Toronto Stock Exchange dipped to 24,817 points after a mid-morning peak, with tech stocks offsetting declines in telecom and utilities.
What does this mean?
Tech stocks surged by 1.5%, helping to offset losses in telecom and utilities, which fell by 1.4% and 0.7%, respectively. Energy and mining sectors saw gains of 0.9% even as oil prices plummeted to a four-year low, influenced by Saudi Arabia’s actions with OPEC+ and a slowing US economy. Meanwhile, gold prices declined due to a stronger dollar and rising bond prices, reflecting US economic deceleration. Canada’s manufacturing sector faced setbacks too, with the PMI dropping to 45.3, its lowest since the pandemic’s early days. On a brighter note, Canada’s strengthened minority Liberal government promises fiscal expansion, potentially boosting short-term economic growth.
Why should I care?
For markets: A balancing act on shaky ground.
With tech propping up…
