Stocks rally ahead of Fed meeting
Investors, especially on Wall Street, bid stocks higher on Tuesday, a day before the U.S. Fed announces its next interest rate decision. The S&P climbed 0.69%, the Nasdaq 0.83%, and the Dow 0.43%.
Again, tech enjoyed the best gains as Tesla advanced 3.55% and Nvidia 3.9% though AMD fell 3.58%. Elsewhere, Carnival sailed 4.21% higher while Comerica popped 6.39%. The U.S. 10-year yield rose to 3.819% while Bitcoin held around $25,800.
Gains were more more muted on Bay Street as the TSX climbed 0.33%, but couldn’t return to 20,000. Several sectors rallied, led by staples, financials and energy while five sectors declined, let by utilities. Major movers were CNQ up 1.6%, Crescent Point Energy by 1.34% and TD at 1.28%. In contrast, Brookfield Renewable Partners sank 5.89% and Enghouse slid 5.62%. WTI climbed $2 to $69 a barrel. All eyes will be Jerome Powell on Wednesday. The street expects the Fed to hold interest rates, especially after U.S. consumer inflation data came in as expected today and continued to trend downward.
🚗 Tesla Inc (TSLA-Q) +3.55%
💾 NVIDIA Corporation (NVDA-Q) +3.9%
💾 Advanced Micro Devices (AMD-Q) -3.58%
🚢 Carnival Corp. (CCL-N) +4.21%
🏛 Comerica Inc (CMA-N) +6.39%
🛢 Canadian Natural Rsrcs (CNQ-T) +1.6%
🛢 Crescent Point Energy Corp (CPG-T) +1.34%
🏛 Toronto Dominion (TD) (TD-T) +1.28%
💡 Brookfield Renewable Energy (BEP.UN-T) -5.89%
💾 Enghouse Systems (ENGH-T) -5.62%