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PrintCANADA STOCKS-TSX rises on tech stocks ahead of US Fed meeting minutes
BY Reuters | ECONOMIC | 08/21/24 11:07 AM EDT*
TSX up 0.1%
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Tech and energy shares lead sectoral gains
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Riot Platforms disclosed 19.9% stake in Bitfarms
(Updated at 10:24 a.m. ET/ 1424 GMT)
By Nikhil Sharma
Aug 21 (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.
At 10:24 a.m. ET (14:24 GMT), the S&P/TSX composite index was up 30.05 points, or 0.13%, at 23,067.49, set to recover after snapping its nine-session winning streak on Tuesday.
The energy sector was up 0.4%, tracking gains in oil prices, while tech shares led with a 0.6% rise.
On the flip side, the materials sector slipped 0.1% on lower gold prices and utilities declined 0.2%.
Meanwhile, yield on the two-year Canadian government bond inched lower, mirroring its U.S. peer.
U.S. 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 p.m. 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.
Fed Chair Jerome Powell's commentary at the Jackson Hole Economic Symposium on Friday is in the spotlight as investors anticipate some acknowledgement on the possibility of a September rate cut.
Markets expect the Fed to reduce interest rates by 25 basis points at the policy meeting next month.
Back home, Canadian producer prices remained unchanged in July.
Among individual stocks, Bitfarms'
