Crude halts six-day rally as reports show US drillers ramping up

US economy Fed chair renomination boosts bond yields but hurts technologies and TSX Financials, Transports and real estate had a strong day but Nasdaq and S&P 500 eased on fears Jerome Powell would scale back Fed rate hikes in 2020 Sources: Trading Economics and LSEAN Click here for a more detailed report in Bloomberg. New car sales, manufacturing and weekly jobless claims are released Friday, and retail sales are out on Tuesday, along with productivity and unit labour costs. Morgan Stanley will be giving one of its investment banking clients a private audience with new Fed chair Jerome Powell when he makes his first public appearance since being nominated. It won’t be Powell’s first sit-down with investors; late last month the official said he’d welcome outside investors speaking with the Fed at some point. The S&P 500 eased 0.3 per cent, on worries that Powell would scale back interest rate hikes in 2020. The Dow Jones Industrial Average fell 0.7 per cent and the Nasdaq Composite lost 0.2 per cent. Technology and internet stocks tumbled with the Technology Select Sector SPDR (XLK) dropping 0.6 per cent. On the TSX, the S&P/TSX Composite index edged up 0.1 per cent, with Canadian Pacific Railway up 0.7 per cent and the consumer discretionary sector gaining 0.4 per cent.

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