Canadian stocks ended Tuesday in negative territory as elevated oil prices and soaring bond yields kept market sentiment subdued ahead of the Federal Reserve’s interest rate decision. A rebound in some precious metals, like silver, provided slight support and limited overall losses. Prime Minister Mark Carney unveiled immediate tax write-offs for most new capital investments to attract foreign capital. Statistics Canada also reported wholesale sales rose 0.3% in July, compared to a 2.8% bump in June.
Meanwhile, US markets also declined as investors focused on the Federal Reserve’s upcoming policy meeting, a decision that could influence economic and market conditions. Rising Treasury yields, which reached their highest levels in years, further weighed on equities.
| TSX | 35,582.07 | -120.46 |  |
| TSXV | 900.98 | -18.89 | |
| CSE | 177.29 | -4.53 | |
| DJIA | 52,093.11 | -328.09 | |
| NASDAQ | 25,981.57 | -204.84 | |
| S&P 500 | 7,585.73 | -34.25 | |
The Canadian dollar traded for 71.87 cents US compared to 71.93 cents US on Monday.
US crude futures traded US$5.01 higher at US$106.40 a barrel, and the Brent contract rose US$3.56 to US$109.20 a barrel.
The price of gold was down US$14.87 to US$4,296.67.
In world markets, the Nikkei was down 8.89 points to ¥63,484.10, the Hang Seng was down 250.36 points to HK$24,667.24, the FTSE was down 39.44 points to ₤10,658.13, and the DAX was down 38.53 points to €25,402.28.