S&P/TSX composite down 1.2 per cent Thursday, U.S. stock markets mixed

TORONTO — Canada's main stock index lost 1.2 per cent on Thursday, weighed down by losses in the energy, financial and base metal sectors, while U.S. markets were mixed.In New York, the Dow Jones industrial average was down 65.11 points at 38,647.10. The S&P 500 index was up 12.71 points at 5,433.74, while the Nasdaq composite was up 59.13 points at 17,667.56.

The economic data puts a second interest rate cut in the U.S. this year back on the table, said Allan Small, senior investment adviser at iA Private Wealth. “We’ll need to see more good data to bolster our confidence that inflation is moving sustainably toward two per cent,” said chair Jerome Powell at a press conference.The Fed needs to see a pattern of lower inflation before it starts cutting, said Small.

Meanwhile in Canada, many market watchers expect three or four cuts by the end of the year, he added.

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