U.S. stocks slid as concerns about extended high interest rates loomed, with expectations of a hawkish tilt from U.S. monetary policymakers at their upcoming meeting. In Canada, the conflicting nature of accelerating inflation and slowing growth complicates the Bank of Canada's next monetary policy decision. However, recent data has heightened prospects for an October rate hike.
In the U.S., both the S&P 500 and Dow Jones declined by 0.71% and 1.34% respectively, whereas the Russell 2000 rose by 0.55%. The S&P/TSX Composite Index in Canada decreased by 1.02%. The bond index saw a 0.59% drop. On the commodities front, WTI crude oil rose 0.84%, natural gas increased by 1.74%, and copper gained 1.12%, while gold receded by 4.09%.
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- The U.S. Congress ended a stalemate over government funding, passing a stopgap funding bill to avert a government shutdown
- Canada's consumer price index rose by 4.0% in August, but not solely due to gasoline prices
- The People's Bank of China, maintained its benchmark loan rates, reflecting a cautious stance amidst economic uncertainties
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