Canadian stocks took a breather on Tuesday following an eight-session rally, even though the domestic consumer price index (CPI) showed further cooling inflationary pressures. After closing at a fresh all-time high, the S&P/TSX Composite Index slid by 79 points, or 0.3%, yesterday to 23,037, settling above the 23,000 level for the fourth straight day.
Even though consistent strength in gold and silver prices drove some mining stocks higher, heavy losses in other main market sectors, such as energy, healthcare, and consumer cyclicals, pressured the TSX index.
According to Statistics Canada’s latest report, the CPI for July 2024 climbed by 2.5% from a year ago, registering its slowest pace of increase over three years. Lower prices for travel-related services, passenger vehicles, and electricity primarily drove this deceleration last month.
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