Energy Stocks Boost Canadian Market as U.S. Markets Decline

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TORONTO — Strength in energy stocks helped Canada's main stock index eke out a small gain Thursday, while U.S. markets moved lower, led by weakness on the Nasdaq. The S&P/TSX composite index closed up 57.20 points at 19,587.41.

TORONTO — Strength in energy stocks helped Canada's main stock index eke out a small gain Thursday, while U.S. markets moved lower, led by weakness on the Nasdaq.In New York, the Dow Jones industrial average was down 220.33 points at 33,891.94. The S&P 500 index was down 35.43 points at 4,347.35,while the Nasdaq composite was down 128.97 points at 13,521.45.

Wall Street lost some of its steam after last week’s rally, while Canadian markets were a little higher due to strength in financials and energy, said Les Stelmach, senior vice-president and portfolio manager at Franklin Templeton Canada. “Last week ... we saw kind of a pretty decent rally in some of the interest-sensitive names,” he said.U.S. Treasury yields, which have recently been putting pressure on equities, rose after the government announced the results of a sale of 30-year Treasury bonds, and even further after comments by U.S. Federal Reserve chairman Jerome Powell that the central bank won’t hesitate to hike rates again if inflation isn’t under control.

As central banks on both sides of the border have indicated they’re near, if not at, the height of their interest rate hiking cycles, investors are now digesting the new normal for rates, said Stelmach.A summary of the Bank of Canada’s deliberations from its last interest rate decision indicated further interest rate hikes could still be on the table.

The December gold contract was up US$12.00 at US$1,969.80 an ounceand the December copper contract was up less than a penny at US$3.64 a pound.This report by The Canadian Press was first published Nov. 9, 2023.

 

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