with Alan Tong

After the close

With Allan Tong

20/02/2024 at 09:50pm

Canadian inflation slows, but markets bearish

Markets returned to business Tuesday after the long weekend on both sides of the border. Canadian inflation was down to 2.9% year-over-year in January, lower than the expected 3.1% and falling within the Bank of Canada’s target range. Despite the good news, the TSX declined 0.26% to close below 21,200. Only four sectors gained, led by consumer staples, while industrials and tech lagged the most.

Notable names: Great-West Lifeco up 1.24%, Cenovus -1.11%, Canada Goose 4.99%, Dundee Precious Metals 6.55% and Methanex -10.54%. WTI slid 1.25% to nearly $78 a barrel.

The picture was more bearish on Wall Street where jitters over inflation and interest rates weighed on investors. The S&P closed -0.75 to below 5,000, the Nasdaq -11% to 15,600 and the Dow -0.29%. The U.S. 10-year yield hovered around 4.275% as Bitcoin climbed 0.4% to nearly $52,000. Major movers included Tesla at -3.35%, AMD -4.62% and Nvidia -4.49% on the eve of earnings. The big news of Tuesday was Capital One buying Discover Financial Services. Shares rose 0.16% and 12.22% respectively.

🏛 Great West Lifeco (GWO-T) +1.24%

🛢 Cenovus Energy (CVE-T) -1.11%

🧣 Canada Goose Holdings (GOOS-T) +4.99%

⛏ Dundee Precious Metals Inc. (DPM-T) +6.55%

🧫 Methanex Corp (MX-T) -10.54%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.4%

🚗 Tesla Inc (TSLA-Q) -3.35%

💾 Advanced Micro Devices (AMD-Q) -4.62%

💾 NVIDIA Corporation (NVDA-Q) -4.49%

🏛 Capital One Financial Corp (COF-N) +0.16%

🏛 Discover Financial Services LLC (DFS-N) +12.22%

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John Hood on Market Call (BNN TV) 20/02/2024 at 08:04pm

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