Inflation pressures stocks
Canada’s inflation rate unexpectedly rose to 4.0% in August, surpassing the expected 3.8% and July’s 3.3% print. The rising price of crude oil was the main culprit. The news hit the TSX Tuesday and pushed the index down 1.34%, with all sectors in the red, particularly staples, industrials and materials. Bay Street feared that the Bank of Canada will hike rates once more.
The U.S. Fed began its scheduled two-day meeting Tuesday, but Wall Street continued to feel jittery over tomorrow’s interest rate announcement. The American indices modestly declined with the S&P closing -0.22%, the Nasdaq -0.23%, and the Dow -0.31%. Major movers here included Amazon at -1.68%, Intel -4.34%, Disney -3.62%, Freeport McMoRan -3.41% and Mosaic up 3.36%. The U.S. 10-year yield hovered around 4.369% while Bitcoin added 1.4% to $27,100.
🛢 Baytex Energy Corp (BTE-T) -3.4%
🛢 Canadian Natural Rsrcs (CNQ-T) -1.44%
🥇 Equinox Gold (EQX-T) -20%
👨⚕️ Bausch Health Companies Inc. (BHC-T) -8.14%
📦 Amazon.com, Inc. (AMZN-Q) -1.68%
💾 Intel (INTC-Q) -4.34%
👸 Walt Disney Co. (DIS-N) -3.62%
🌿 Mosaic Company (The) (MOS-N) +3.36%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.4%