Canadian Market Off Day's Lows

(RTTNews) - The Canadian market is down in negative territory Wednesday afternoon, weighed down by losses in communications, real estate and financial sectors. Investors await crucial U.S. economic data, including a report on personal consumption expenditure, for clues about the outlook for Federal Reserve's interest rate moves.

Uncertainty about the outlook for Fed interest rates appears to be weighing on sentiment. Fed governor Michelle Bowman has warned of upside risks to the inflation outlook and reiterated the need to keep borrowing costs elevated "for some time".

Bowman's counterpart Lisa Cook said that the timing of any rate adjustment will depend on how economic data evolve and what they imply for the economic outlook and balance of risks.

The benchmark S&P/TSX Composite Index, which dropped to 21,680.82 earlier in the day, was down 28.82 points or 0.12% at 21,759.66 a little while ago.

Alimentation Couche-Tard (ATD.TO) is down 2.5%. Goeasy (GSY.TO), FirstService Corporation (FSV.TO), EQB Inc (EQB.TO), Bombardier Inc (BBD.B.TO) and Onex Corporation (ONEX.TO) are down 1 to 1.6%.

AGF Management Limited (AGF.B.TO) shares are down 6.5%. The company reported adjusted net income of $23.6 million for the second quarter ended May 31, 2024, compared to $31.2 million in the corresponding quarter of the previous year.

First Quantum Minerals (FM.TO) is climbing more than 5.5%. Hut 8 Corp (HUT.TO) is up 5.3%. Ero Copper (ERO.TO), Stelco Holdings (STLC.TO), ATS Corporation (ATS.TO), Stella-Jones (SJ.TO) and Morguard Corporation (MRC.TO) are gaining 2 to 4%.

Data from Statistics Canada showed wholesale sales in Canada declined by 0.9% month-over-month in May, reversing from a 2.4% increase in April.