BoC cuts, but markets sink

Allan Tong Posted On October 23, 2024

To no one’s surprise, the Bank of Canada cut the key lending rate by 50 basis points on Wednesday. The BoC’s Tiff Macklem declared the war on inflation over and that the bank’s main job now was keeping inflation at 2%. The news was already baked into the TSX which actually closed -0.58%. Only discretionary and telcos gained while all other sectors sold off, led by technology and energy.

Key names: Celestica 2.62%, BlackBerry -5.52%, Equinox Gold 2.59%, and Royal Bank 0.25% and CNQ -0.92% as the two-most influential names. Gold stepped back from recent highs, shedding US$33 to US $2,715 while WTI crude sank 1% to US$71.

Wall Street extended Tuesday’s losses after the S&P closed -0.92%, the Nasdaq -1.6% and the Dow -0.96%. Influential names were Nvidia at -2.81%, AT&T up 4.6%, Seagate -8.1%, Apple -2.16% and Arm Holdings -6.67%. The U.S. 10-year continued to rise, touching 4.244% as Bitcoin slipped 1.7% to US$66,350.

🧬 Celestica Inc (CLS-T) +2.62%

📱 BlackBerry (BB-T) -5.52%

🥇 Equinox Gold (EQX-T) +2.59%

🏛 Royal Bank (RY-T) +0.25%

🛢 Canadian Natural Rsrcs (CNQ-T) -0.92%

💾 NVIDIA Corporation (NVDA-Q) -2.81%

📱 AT&T (T-N) +4.6%

💾 Seagate Technology (STX-Q) -8.1%

🍎 Apple Inc (AAPL-Q) -2.16%

🧬 Arm Holdings (ARM-Q) -6.67%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.7%