Canada's main stock index tried to build on its record high on Wednesday following the Bank of Canada's policy decision, while investors awaited trade updates as the Friday tariff deadline drew closer.
The TSX Composite Index nicked ahead 9.24 points to open Wednesday at 27,549.12.
The Canadian dollar ditched 0.14 cents at 72.46 cents U.S.
The BoC did as expected, and held the rate at 2.75% for a third time, reflecting a softer-than-expected impact on the Canadian economy from the trade war with the U.S., economists predict.
ON BAYSTREET
The TSX Venture Exchange reversed course and poked ahead 2.06 points to 779.64.
Seven of the 12 TSX subgroups were lower in Wednesday’s first hour, weighed most by health-care, sliding 1%, gold, dulling 0.7%, and energy, 0.6% less energetic.
The five gainers were led by information technology, moving ahead 1.2%, utilities, up 0.5%, and real-estate, in the green 0.4%.
ON WALLSTREET
Stocks were little changed Wednesday as investors analyzed fresh earnings and awaited the Federal Reserve’s interest rate decision.
The Dow Jones Industrial Average regained 99.91 points to 44,732.90.
The much broader index recovered 15.44 points to 6,386.30.
The NASDAQ grew 78.8 points to 21,177.09.
Starbucks shares climbed 5% after the coffee chain posted stronger-than-expected revenue for the third fiscal quarter, which boosted confidence in the company’s turnaround efforts. On the other hand, Visa slipped 2% despite quarterly results coming in better than expected.
Wall Street will get more earnings after the bell Wednesday, with Meta Platforms and Microsoft set to report.
Investors remain largely on standby ahead of the Fed’s interest rate decision. Fed funds futures are pricing in a nearly 98% likelihood of the central bank keeping its key rate at a range of 4.25% to 4.5%.
The announcement is set for 2 p.m. ET. At 2:30 p.m. ET, investors will parse Chair Jerome Powell’s comments at a press conference for insights into the path of monetary policy. Trump has tried to pressure the central bank leader to bringing down borrowing costs.
A stronger-than-expected reading of U.S. gross domestic product did little to shift investor attention away from interest rates and the stream of corporate earnings. The U.S. economy grew at a 3% clip in the second quarter, the Commerce Department said Wednesday, while economists polled by Dow Jones were looking for 2.3% in the April-through-June stretch.
Prices for the 10-year treasury slumped, raising yields to 4.37% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices advanced 38 cents to $69.59 U.S. a barrel.
Gold prices were up 0.2% at $3,331.03 U.S. an ounce.
