TSX Index Sees Slight Decline as Investors Await Economic Data


Canada’s main stock benchmark edged lower on Monday, with market participants holding back from major moves ahead of upcoming domestic inflation figures and a key U.S. central bank event later this week.

The TSX Index dipped by 10.31 points by midday to stand at 27,895.18. Meanwhile, the Canadian dollar eased 0.04 cents, trading at 72.34 cents U.S.

Economic Developments

On the economic front, the Canada Mortgage and Housing Corporation reported a 3.7% rise in the six-month trend for housing starts in July, totaling 263,088 units. Statistics Canada also noted that foreign investors added $709 million worth of Canadian securities in June, marking the first net inflow since January. At the same time, Canadian investors boosted their overseas exposure with $9 billion in foreign securities purchases, including U.S. equities and non-U.S. bonds.

Market Performance

The TSX Venture Exchange inched down 0.48 points to 790.28 by noon. Sector activity on the main exchange showed an even split between gainers and decliners. Health-care led the declines, down 1.1%, while materials slipped 0.8% and gold fell 0.7%. On the positive side, consumer staples rose 1.1%, consumer discretionary stocks advanced 0.6%, and information technology added 0.5%.

U.S. Market Movements

South of the border, U.S. equities moved little on Monday as traders awaited key retail earnings reports and prepared for remarks from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium.

The Dow Jones Industrial Average shed 27.09 points to 44,919.03, while the S&P 500 index eased 4.86 points to 6,444.94. The NASDAQ also slipped, losing 26.19 points to 21,895.18.

This week, investors are watching earnings releases from major retailers such as Home Depot, Lowe’s, Walmart, and Target to gauge the strength of consumer spending in the U.S. Market sentiment continues to be shaped by concerns over stretched valuations, tariffs, and slower job growth.

Federal Reserve in Focus

The Federal Reserve remains central to market discussions as policymakers gather in Jackson Hole, Wyoming. Futures markets currently suggest an 85% probability of a rate cut at the Fed’s September meeting. Treasury yields reflected investor caution, with 10-year yields rising to 4.34% from 4.32% in the prior session.

Commodity Prices

Oil prices edged higher, up 31 cents to $63.11 U.S. per barrel, while gold prices slipped $2.20 to $3,380.40 U.S. an ounce.
Location: Canada

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