After the biggest two-day surge since 2020, North American markets gave up some ground on Wednesday. Canada’s main stock index retreated as the recent hot market rally was doused. Only the energy sector moved higher.
U.S. stocks also fell as Wall Street receded from the sharp rally that lifted averages above the year’s lows, cut short by rising Treasury yields. New data showed that despite rising interest rates, the demand in labour market remained firm and the services industry slowed modestly.
Today in the Markets
The Canadian dollar traded for 73.37 cents US compared to 73.98 cents US on Tuesday.
US crude futures traded 1.42 per cent higher at $87.75 a barrel, while the Brent contract gained 1.67 per cent to $93.33 a barrel.
The price of gold was down US10.44 to US$1,715.05.
In world markets, the Nikkei was up 128.32 points to 27,120.53, the Hang Seng was up 1,008.46 points to 18,087.97, the FTSE was down 33.84 points to 7,052.62, and the DAX was down 153.30 points to 12,517.18.
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