Canadian markets pulled back on Tuesday after it became clear that the Bank of Canada probably won’t cut interest rates next month because of a stronger-than-expected inflation update. Statistics Canada reported that May’s gross domestic product rose 2.9 per cent year-over-year, up from a 2.7 per cent gain in April. Only the tech sector rose on the TSX in an otherwise broad decline across indices.
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After a rocky day south of the border, several large-cap tech companies, such as Amazon (NDAQ:AMZN), Meta (NDAQ:META) and Google owners Alphabet (NDAQ:GOOG) managed to recoup losses, gaining more than 1 per cent, lifting the Nasdaq while the Dow tumbled.
| TSX | 21,788.48 | -60.11 |  |
| TSXV | 564.57 | +0.76 | |
| CSE | 170.68 | -3.26 | |
| DJIA | 39,112.16 | -299.05 | |
| NASDAQ | 17,717.65 | +220.84 |  |
| S&P 500 | 5,469.30 | -21.43 | |
The Canadian dollar traded for 72.97 cents U.S. compared with 73.23 cents U.S. on Monday.
U.S. crude futures traded $0.86 lower at $81.68 a barrel, and the Brent contract lost $1.07 to $84.94 a barrel.
The price of gold was down US$10.95 to US$2,319.93.
In world markets, the Nikkei was up 368.50 points to 39,173.15, the Hang Seng was up 45.19 points to 18,072.90, the FTSE was down 33.76 points to 8,247.79, and the DAX was down 147.96 points to 18,177.62.
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(Top image: AI-generated stock image)
