S&P/TSX composite closes down as telecom and metal stocks fall, U.S. markets mixed

TORONTO — Canada's main stock index closed down Tuesday on the same day inflation came in higher than expected, while U.S. stock markets were mixed.

Technology and commodity stocks have been trading places in recent days for gains and losses, and Tuesday saw tech again on the rise. But many investor eyes were focused on the inflation front, as Statistics Canada reported the annual rate rose to 2.9 per cent in May compared with 2.7 per cent in April.

Wilding noted that there's still another inflation report to come in July before the next rate decision, which will help determine if it was a seasonality bump or a more prolonged period of upside surprise.

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