22:36:42 EDT Thu 16 May 2024
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Globe/wire say TSX declines despite soaring pot stocks

2024-05-01 08:46 ET - In the News

The Globe and Mail reports in its Wednesday edition that North American stock indexes ended lower on Tuesday as markets weighed U.S. economic data showing rising labour costs and deteriorating consumer confidence on the eve of a key Federal Reserve policy meeting. A Reuters dispatch to The Globe says that one bright spot was cannabis stocks, which soared after the U.S. Department of Justice moved to reclassify marijuana as a less dangerous drug. Data showed on Tuesday that U.S. labour costs rose by a more-than-expected 1.2 per cent last quarter, indicating an uptick in wage pressures. A survey also found that U.S. consumer confidence worsened in April, dropping to its lowest level in more than 18 months. The reports came a day before the Federal Reserve Open Market Committee begins its two-day meeting, with investors widely expecting the central bank to leave interest rates unchanged. Every Magnificent Seven stock also finished lower; however, Amazon shares rose in extended hours trading after it reported first quarter results. The S&P/TSX Composite Index ended down 297.08 points at 21,714.54, as oil settled lower at $18.93 (U.S.) a barrel. Tilray jumped 41.9 per cent and Canopy 80 per cent on the DOJ ruling.

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