Canadian market affected by lower commodity prices and stronger
Canadian markets were lower on Tuesday, with the TSX Composite and TSX Venture Exchange both down 1%. This was due to the decline in prices of primary products such as crude oil and gold, as well as the strong US dollar. The situation worsened as the Canadian dollar fell to US$72.67.
Crescent Point Energy's stock price was also affected, falling after the company acquired Hammerhead Energy for $2.55 billion. This contributed to the decline in energy stocks. On November 1, 2023, the S&P/TSX Composite Index fell more than 100 points to 19,616.63 points due to a downturn in the energy industry as crude oil prices fell to $78.40 per barrel.
In contrast to the performance of the Canadian market, results on Wall Street were mixed on Tuesday, with the Dow Jones Industrial Average and S&P 500 index slightly higher. Tech stocks like Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:MSFT), Amazon (NASDAQ:MSFT), NASDAQ:AMZN), Advanced Micro Devices, and DataDog posted big gains. The Nasdaq also rose significantly, and so did the 10-year Treasury bond.
Despite the market volatility, Statistics Canada reported that the trade surplus doubled by $2 billion in September as imports and exports of goods increased. This week, investors are also looking forward to quarterly results from Disney, Wynn Resorts and Occidental Petroleum.
Crescent Point Energy's stock price was also affected, falling after the company acquired Hammerhead Energy for $2.55 billion. This contributed to the decline in energy stocks. On November 1, 2023, the S&P/TSX Composite Index fell more than 100 points to 19,616.63 points due to a downturn in the energy industry as crude oil prices fell to $78.40 per barrel.
In contrast to the performance of the Canadian market, results on Wall Street were mixed on Tuesday, with the Dow Jones Industrial Average and S&P 500 index slightly higher. Tech stocks like Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:MSFT), Amazon (NASDAQ:MSFT), NASDAQ:AMZN), Advanced Micro Devices, and DataDog posted big gains. The Nasdaq also rose significantly, and so did the 10-year Treasury bond.
Despite the market volatility, Statistics Canada reported that the trade surplus doubled by $2 billion in September as imports and exports of goods increased. This week, investors are also looking forward to quarterly results from Disney, Wynn Resorts and Occidental Petroleum.
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