22:17:03 EDT Thu 16 May 2024
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Globe/wire say TSX drops amid worry over Fed's comments

2023-08-25 09:30 ET - In the News

The Globe and Mail reports in its Friday edition that U.S. stock indexes ended down more than 1 per cent each on Thursday, as investors fretted about what Federal Reserve chairman Jerome Powell will say in a speech on Friday. A Reuters dispatch to The Globe says that Canada's main stock index also fell, but the index's losses were capped as investors eyed beaten-down dividend-paying stocks including major banks as they began reporting quarterly earnings. The S&P/TSX Composite Index ended down 103.96 points at 19,775.83, giving back some of the previous day's rally. The Toronto market's technology sector fell 1.5 per cent and energy was down 1.2 per cent as oil touched a one-month low intraday before settling 0.2 per cent higher at $79.05 (U.S.) a barrel. Shares of TD Bank were down 3.2 per cent after the bank missed analysts' estimates for quarterly profit. Royal Bank of Canada, however, ended 2 per cent higher as it beat estimates, helped by cost-cutting measures. In the U.S., Nvidia ended barely higher after hitting a record high early in the session. The company late Wednesday gave a much stronger-than-expected forecast amid demand for its artificial intelligence chips and a $25-billion (U.S.) share buyback.

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