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Wall Street Rallies as Trade Hopes and Tech Surge Lift Futures to New Heights

U.S. stock futures surged Monday morning, with the S&P 500 and Nasdaq 100 climbing to record highs, buoyed by renewed optimism over international trade negotiations and a tech-led rally. The momentum followed Canada’s decision to scrap its digital services tax targeting American tech giants—an unexpected move that helped thaw stalled trade talks with the U.S. Shares of major technology firms including Amazon, Meta, Alphabet, and Apple rose between 0.6% and 1.7% in premarket trading. The broader market also found support from expectations of deeper interest rate cuts by the Federal Reserve, fueled by soft economic data and speculation that President Donald Trump may replace Fed Chair Jerome Powell with a more dovish successor. As of early trading, S&P 500 e-minis were up 0.39%, Nasdaq 100 futures gained 0.6%, and Dow futures added 0.46%. Despite the record-setting highs, analysts note that the major indexes are still on track for their weakest first-half performance since 2022. ...
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S&P/TSX Composite Index Declines Over 100 Points: A Market Recap

 


Canada’s main stock index faced a significant decline on Tuesday, with losses in financial, industrial, and telecom stocks outweighing strength in energy and base metals. Simultaneously, U.S. stock markets also experienced a downturn.

Key Points:

  • S&P/TSX Composite Index: The Canadian benchmark index closed down 110.15 points at 22,075.10.
  • Dow Jones Industrial Average (DJIA): In New York, the DJIA was down 396.61 points at 39,170.24.
  • S&P 500 Index: The broader S&P 500 index declined 37.96 points to 5,205.81.
  • Nasdaq Composite: The Nasdaq composite dropped 156.38 points to 16,240.45.

Currency and Commodities:

  • Canadian Dollar: Traded at 73.68 cents US, compared to 73.67 cents US on Monday.
  • Crude Oil: The May crude oil contract rose by US$1.44, reaching US$85.15 per barrel.
  • Natural Gas: The May natural gas contract increased by three cents, reaching US$1.86 per mmBTU.
  • Gold: The June gold contract surged by US$24.70, reaching US$2,281.80 per ounce.
  • Copper: The May copper contract gained two cents, reaching US$4.07 per pound.

This report by The Canadian Press provides a snapshot of the market conditions on April 2, 2024. Investors should closely monitor developments as market dynamics continue to evolve.

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