02:18:12 EDT Fri 17 May 2024
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Globe/wire say TSX drops as commodities take beating

2023-11-08 09:13 ET - In the News

The Globe and Mail reports in its Wednesday edition that U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks. A Reuters dispatch to The Globe says that in contrast, the S&P/TSX Composite Index ended down 168.35 at 19,575.59, extending its pullback from a six-week high, as a sharp decline in commodity prices led to a sell-off in the materials and energy sectors. The benchmark U.S. 10-year Treasury note yield fell for its fifth decline in six sessions on expectations the Federal Reserve is done with its rate-increase cycle. Yields extended losses after a solid auction of $48-billion (U.S.) in three-year notes with auctions of the 10-year note and 30-year bond due later this week. Despite its high hopes, the market remains sensitive to the possibility of more increases, and central bank officials have been cautious in comments on the future rate path. Markets are pricing in a 90.2-per-cent chance the Fed will once again hold rates steady at its December policy meeting, up from 68.9 per cent a week ago. U.S. crude oil futures fell to $77.37 (U.S.) a barrel on mixed Chinese economic data.

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