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Early data that showed domestic inflation cooled more than expected couldn’t give enough lift for Canada’s main stock index on Tuesday. Though it revived some hopes of an early interest rate cut by the Bank of Canada, gains were capped by losses among the mining, tech and industrial sectors. Gold prices moved higher on a softer U.S. dollar, and copper prices rose after top consumer China made moves to support its economy.

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Canadian markets were closed on Monday for Family Day while U.S. markets were closed for Presidents Day. U.S. stocks closed lower to kick off this holiday-shortened week. Tech stocks were the biggest losers as Nvidia and Microsoft both fell while major retailers reported mixed earnings. On deck this week, traders have an eye out for the minutes from the Federal Reserve’s latest policy meeting.

S&P 5004,975.55-30.02S&P 500

The Canadian dollar traded for 73.95 cents compared to 74.14 cents U.S. on Friday.

U.S. crude futures traded $0.92 lower at $78.27 a barrel, and the Brent contract lost $1.03 to $82.53 a barrel.

The price of gold was up US$7.87 to US$2,024.31.

In world markets, the Nikkei was down 106.77 points to 38,363.61, the Hang Seng was up 91.90 points to 16,247.51, the FTSE was down 9.70 points to 7,718.80, and the DAX was down 16.06 points to 17,076.20.

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