TORONTO — Canada's main stock index moved lower on Thursday, led by weakness in technology and base metals, while U.S. markets were also down, with the Nasdaq falling 1.7 per cent. The S&P/TSX composite index closed down 84.26 points at 23,037.
TORONTO — Canada's main stock index moved lower on Thursday, led by weakness in technology and base metals, while U.S. markets were also down, with the Nasdaq falling 1.7 per cent.In New York, the Dow Jones industrial average was down 177.71 points at 40,712.78. The S&P 500 index was down 50.21 points at 5,570.64, while the Nasdaq composite was down 299.63 points at 17,619.35.
Investors may also be taking some profits after an almost-unbroken run of positive trading days, he added. A 25-basis-point cut for September is baked into expectations now, said Small, but there’s still a lot of economic data to come before the Fed’s decision. However, he thinks a 50-basis-point cut, which some market watchers are calling for, is unlikely.
“I don't think the market wants to see big job or small job gains or even job loss,” he said. “The market does not want to see contraction in manufacturing or manufacturing services. They don't want to see weak numbers, bad retail sales. They want to see good, but not too good.”
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