BREAKING TSX is plunging even deeper into the red than U.S. stocks today
Analysts now expect profit for S&P 500 companies to have risen 4.1 per cent in the third quarter from a year ago, compared with an 11.1 per cent increase expected at the start of July, according to Refinitiv data.
The International Monetary Fund cut its global growth forecast for 2023 and sees U.S. growth this year to be a meagre 1.6 per cent, a 0.7 percentage point downgrade from July, reflecting an unexpected second-quarter GDP contraction. Amid rising expectation of another big jump in borrowing costs, the yield on the benchmark 10-year U.S. Treasury note hit a day’s high of 4.006 per cent, while growth stocks recorded losses.
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