(WSN) – Canada’s primary stock index increased on Wednesday, driven by gains in the tech and energy sectors, as investors awaited the release of minutes from the U.S. Federal Reserve’s July policy meeting.
The energy sector rose by 0.4%, following an increase in oil prices, while technology shares led with a 0.6% gain.
Conversely, the materials sector declined by 0.1% due to lower gold prices, and utilities fell by 0.2%.
The yield on the two-year Canadian government bond decreased slightly, mirroring the trend in its U.S. counterpart.
A report from the U.S. Labor Department revealed a downward revision of nonfarm payrolls by 818,000, or 0.5%, for the period from April 2023 to March 2024.
Minutes from the Federal Reserve’s meeting, scheduled for 2:00 pm ET, are expected to provide insight into the policymakers’ stance on interest-rate adjustments.
Investors are also anticipating additional U.S. economic data later this week, including the purchasing managers’ index surveys and weekly job data on Thursday.
Shailesh Kshatriya, Director of Investment Strategies at Russell Investments, noted, “The labor market backdrop is crucial going forward and will likely impact the scale of Fed rate cuts.”
