Markets slip, pre-rate announcements

The major indices in Toronto and New York stepped back on Tuesday on the eve of interest rate announcements by the central banks. Both the Bank of Canada and the U.S. Fed are expected to cut their key lending rates by 0.25%, with some speculating 0.5% in the U.S. The TSX closed at -0.42%, the S&P -0.13%, the Nasdaq -0.07% and the Dow -0.27%. Meanwhile, the U.S. 10-year yield remained steady at 4.0278%.

Outsized gains in energy could not offsets weakness in nine sectors on the TSX, with materials and healthcare sinking the most. WTI crude rallied 2% to US$64.60 while gold continued its record run by advancing US$14 to US$3,693. Key names: Baytex 9.48%, CNQ 2.56%, Orla Mining -10.17%, Cameco -7.18% and Manulife -2.81%.

On Wall Street, Nvidia slipped 1.61%, Tesla rose 2.82%, Emerson Electric skidded 4.89% while Warner Bros. Discovery tumbled 6.22% and Paramount Skydance sank 4.89% as the latter puts together a bid to buy the former. On the upside, though, was Bitcoin, climbing 1.2% to US$116,785.

🛢 Baytex Energy Corp (BTE-T) +9.48%
🛢 Canadian Natural Rsrcs (CNQ-T) +2.56%
⛏ Orla Mining (OLA-T) -10.17%
⛏ Cameco Corporation (CCO-T) -7.18%
🏛 Manulife Financial (MFC-T) -2.81%
💾 NVIDIA Corporation (NVDA-Q) -1.61%
⚙ Emerson Electric (EMR-N) -4.89%
📺 Warner Bros. Discovery (WBD-Q) -6.22%
🎞 Paramount Skydance Corporation (PSKY-Q) -4.89%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.2%