“It is really shining a light on the real growth slowdown that we’re seeing here, in particular in e-commerce,” said James Telfser, portfolio manager at Aventine Investment Counsel.Microsoft and Google are set to report results on Tuesday after the market close.
The U.S. Federal Reserve is expected to raise interest rates 75 basis points on Wednesday and investors on both sides of the border are waiting to parse the central bank’s statement for any shift in rhetoric.Article content A drop in U.S. consumer confidence, a profit warning from Walmart Inc and another cut in the International Monetary Fund’s global growth forecast added to market jitters. The flight to safety lifted Canadian gold miners, with the materials group up 1%. Gold companies OceanaGold Corp , New Gold Inc and Wesdome Gold Mines were the biggest gainers.
This, despite a lackluster showing from spot gold, which lost 0.1%. While gold is considered a hedge against inflation, rising interest rates reduce the appeal of the non-yielding asset. The energy sector lost 0.7%, weighed on by a 1.8% drop in U.S. crude. The United States said it would sell an additional 20 million barrels of crude from its Strategic Petroleum Reserve as part of a previous plan to use the facility to calm oil prices.
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