What’s going on here?
The Toronto Stock Exchange saw its first drop in 11 sessions, as healthcare and tech sectors faltered, losing 216.46 points to settle at 25,839.17.
What does this mean?
After an impressive streak of record highs, the S&P/TSX Composite Index finally took a breather. It registered a significant drop, primarily driven by the healthcare and tech sectors, which fell by 2.64% and 2.32% respectively. Meanwhile, Toronto-Dominion Bank is set to release its second-quarter earnings, with National Bank expecting cash earnings per share of $1.81 – above the $1.75 consensus, yet below last year’s $2.04. This indicates looming challenges. Attention also turns to the Bank of Canada’s upcoming interest rate decision. Despite mixed inflation data and rising unemployment, April’s rates held steady. Speculation of a potential rate cut in July is mounting, aligning with Macquarie’s forecast of a 75-basis point reduction by…
