Stocks slide after U.S. Fed decision

Wednesday stocks were in a holding pattern until U.S. Fed chief, Jerome Powell, announced mid-afternoon an expected 25-basis point cut to the key interest rate. However, his announcements during the press conference triggered a steep sell-off in both New York […]

Stock slump continues

Markets in New York and Toronto continued to weaken on Tuesday. The TSX closed 0.54% lower as only two sectors managed gains for the session, particularly health care. Telcos and staples led the remaining sectors down. Making outsized moves were […]

S&P and Dow hit highs after Powell comments

Allan Tong Posted On September 30, 2024

The U.S. Fed chief, Jay Powell, today signaled more–but gradual–interest rate cuts ahead, based on economic data, adding that the American economy is in “solid shape”. His sentiments helped lift the S&P by 0.42% and the Dow by 17 points to push both indices to new record closes. The Nasdaq rose by 0.38%. The U.S. 10-year yield edged up to 3.787%.

Among Monday’s major movers were Apple up 2.29%, Bath & Body Works -1.45%, Intel -1.88%, Generac 2.61% and Intuitive Surgical 2.52%. Meanwhile, Bitcoin sank 3% to settle below US$63,700.

The TSX inched up 0.17% to close just shy of 24,000, led by tech and staples while materials lagged the most. Major movers on Bay Street: BlackBerry 5.64%, TC Energy 1.76%, Transcontinental 4.66%, First Majestic Silver -4.69%, and Magna International -3.93%. WTI climbed 0.25% to US$68.35, but gold shed US$24 to US$2,633.

🍎 Apple Inc (AAPL-Q) +2.29%

👟 Bath & Body Works (BBWI-N) -1.45%

💾 Intel (INTC-Q) -1.88%

⚙ Generac (GNRC-N) +2,61%

🧫 Intuitive Surgical Inc. (ISRG-Q) +2.52%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%

📱 BlackBerry (BB-T) +5.64%

🛢 TC Energy (TRP-T) +1.76%

🖨 Transcontinental Inc. (A) (TCL.A-T) +4.66%

🥈 First Majestic Silver (AG-N) -4.69%

🚗 Magna Int’l. (A) (MG-T) -3.93%