Canadian stocks started the new week on a bearish note after the U.S. Federal Reserve chair Jerome Powell indicated that the central bank is unlikely to cut interest rates in its next meeting. The S&P/TSX Composite Index tanked by 213 points, or 1%, on Monday to 20,872 — posting its second biggest single-day decline of 2024.
While all key market sectors ended the session in red territory, the TSX index went down sharply, mainly due to a selloff in healthcare, technology, real estate, and utility stocks.
In a recent interview with CBS News, Powell stated that although inflation has decreased, the Fed seeks more evidence of sustainable reduction towards a 2% target before considering rate cuts. Despite inflation dropping from over 9% to about 3%, Powell emphasized the importance of maintaining price stability and the balance between moving too early and too late.
Top TSX Composite movers and active stocks
Lithium Americas, Ballard…
