North American major stock indexes ended lower on Tuesday as markets weighed U.S. economic data showing rising labour costs and deteriorating consumer confidence on the eve of a key Federal Reserve policy meeting to decide the direction of interest rates. One bright spot was cannabis stocks, which soared after the U.S. Department of Justice moved to reclassify marijuana as a less dangerous drug.
Data showed on Tuesday that U.S. labour costs rose by a more-than-expected 1.2% last quarter, indicating an uptick in wage pressures. A survey also found that U.S. consumer confidence worsened in April, dropping to its lowest level in more than 1-1/2 years.
The reports came a day before the Federal Reserve Open Market Committee (FOMC) begins its two-day meeting, with investors widely expecting the central bank to leave interest rates unchanged.
All 11 S&P 500 sectors ended lower, led by stocks in energy, consumer discretionary, materials,…
