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Markets Update: TSX Climbs, Brazil Crashes 14% as BoC Hike Looms (Oct. 27)

  Canada's main index gained ground Monday as softer oil and a rebound in tech lifted markets worldwide, but the real drama was in Brazil, where stocks plunged almost 14% in a single session. With the Bank of Canada and the Fed both deciding on rates Wednesday, traders are positioning for a big week. 🇨🇦 Canada: TSX Rebounds The S&P/TSX Composite closed at 35,944.16, up 155.98 points (+0.44%) , recovering from Friday's 35,788.18 close. Financials led the way (+0.81%), while energy edged up 0.44% even as crude slipped. The index remains about 2.7% below its late-August record of 36,957.63. The loonie slipped to roughly 71.3 US cents from 71.46 on Friday, as the U.S. dollar gained against most major currencies. Canada Close Change S&P/TSX Composite 35,944.16 ▲ +0.44% TSX Financials 754.94 ▲ +0.81% TSX Energy 493.87 ▲ +0.44% Canadian dollar (US¢) ~71.3 ▼ from 71.46 🇺🇸 United States: Tech Leads a Rebound Wall Street snapped back after two straight weekly losses. Oil...
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Stocks Rise as Weak Economic Data Sink US Yields

                                        

Wall Street traders sent stocks higher and bond yields fell as a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year. In a shortened session ahead of the US holiday, the S&P 500 headed toward a fresh all-time high.

In summary:

  • The S&P 500 rose to around 5,520.
  • Tesla Inc. extended its rally into a seventh straight session.
  • Amazon.com Inc. fell.
  • Treasury 10-year yields fell seven basis points to 4.36%.
  • Swap traders project almost two rate cuts in 2024, with the first in November.
  • The dollar headed toward its biggest drop since mid-May.

Investors are closely watching Friday’s employment data for further insight into the state of the labor market. Economists anticipate a 190,000 gain in nonfarm payrolls, with the unemployment rate holding at 4%.


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