TSX slides as hotter than expected US CPI dampers hopes of May Fed rate cut
Investing.com | Author Ketki Saxena
Published Feb 13, 2024 14:54
Investing.com —
Canada's main stock index tracked Wall Street lower, as US inflation came in hotter than expected, leading to a surge in U.S. Treasury yields and a dramatic paring back of expectations around a rate cut from the U.S. Federal Reserve in May.
U.S. CPI rose 3.1% on an annual basis in January, compared with the expectations for a 2.9% increase.
Market expectations for a rate cut in May fell to roughly 33%, from 58% before the data release.
Toronto Stock Market News/h2
Shares of SSR Mining Inc (NASDAQ:SSRM) nosedived after a disaster at its Çöpler gold mine in Turkey, in which nine workers are missing, forced it to suspend operations. A large slip on the heap leach pad at Çöpler occurred around 6:30 a.m. EST, the company said in a news release.
Shopify (TSX:SHOP) shares slid even as the company reported a 24% increase in fourth quarter revenue to US$2.1 billion, beating analyst expectations of $2.08 billion. Profits also beat expectations, but Shopify’s conservative projections underwhelmed the high expectations of investors.
Blackberry (TSX:BB) announced plans to target an additional increase of $100 million in annual profit in the quarter by slashing costs, including layoffs in the cybersecurity business, set to provide yearly savings of $27 million.
Tim Hortons and Burger King parent Restaurant Brands (TSX:QSP_u) international posted net income attributable to shareholders jumping to $508 million, or $1.60 per share, from $229 million, or 74 cents per share. Revenue climbed to $1.82 billion, edging past the expected $1.81 billion.
Lundin Mining (TSX:LUN) announced the temporary suspension of operations at its Neves-Corvo mine in Portugal, after an incident involving the death of a worker. Lundin said that it is working with Portugal's authorities in their investigation.
JPMorgan (NYSE:JPM) cut its price target on Imperial Oil (TSX:IMO) to $94 from $97.
For all earnings, view our
Toronto Stocks Moving Markets Today/h2
Top Gainers on the TSX Today:/h3
- Waste Connections (TSX:WCN)
- Intl. Petroleum (TSX:IPCO)
- Trisura (TSX:TSU)
Top Losers on the TSX Today:/h3
- SSR Mining (NASDAQ:SSRM)
- Shopify Inc (TSX:SHOP)
- Centerra Gold (TSX:CG)
- Waste Connections (TSX:WCN)
- Intl. Petroleum (TSX:IPCO)
- Trisura (TSX:TSU)
Top Losers on the TSX Today:/h3
- SSR Mining (NASDAQ:SSRM)
- Shopify Inc (TSX:SHOP)
- Centerra Gold (TSX:CG)
For all Canadian Stocks Moving Markets today, view our Canada Markets Page.
In Canadian Economics/h2
No major Canadian economic data today.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise .
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