TSX rises on tech stocks ahead of US Fed meeting minutes
Business
TSX rises on tech stocks ahead of US Fed meeting minutes
(Reuters) - Canada's main stock index rose on Wednesday as tech and energy shares led broad gains, while investors awaited minutes from the U.S. Federal Reserve's July policy meeting.
The energy sector opens new tab was up 0.4%, tracking gains in oil prices, while tech shares (.SPTTTK), opens new tab led with a 0.6% rise.
On the flip side, the materials (.GSPTTMT), opens new tab sector slipped 0.1% on lower gold prices and utilities (.GSPTTUT), opens new tab declined 0.2%.
Meanwhile, yield on the two-year Canadian government bond inched lower, mirroring its US peer.
US Labour Department report showed nonfarm payrolls data was revised lower by 818,000, or 0.5%, for the period between April 2023 to March 2024.
Minutes from the Federal Reserve's meeting, due at 2:00 pm ET, will shed light on the policymakers' temperament towards the timing of interest-rate cuts.
Investors will also be looking ahead to more U.S. data this week, including the purchasing managers index surveys and weekly jobs data reading on Thursday.
"Labor market backdrop is the most important factor going forward and will likely influence the magnitude of Fed rate cuts," said Shailesh Kshatriya, director, investment strategies at Russell Investments.
