TSX flat; cooling domestic CPI cushions impact of Wall Street selloff

Investing.com —

Canada's main stock index, the S&P/TSX Composite, traded flat on Tuesday afternoon, as cooler than expected domestic inflation data raised hopes of early rate cuts from the Bank of Canada, with some analysts noting that a rate cut may be on the cards as early as April.

Wall Street’s main indices meanwhile declined, as expectations of early rate cuts from the Federal Reserve continued to fade, pressuring tech stocks. NVIDIA (NASDAQ:NVDA) fell sharply ahead of earnings as market participants worry that results from what is now the third-most valuable U.S. company may be unable to justify valuations.

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Toronto Stock Market News

Loblaw Companies (TSX:L) Ltd announced that it expects to invest over C$2 billion this year to create more than 7,500 jobs, renovate over 700 stores and build 40 additional stores.

Methanex (NASDAQ:MEOH) (TSX:MX) shares fell to the bottom of the TSX today after announcing that commercial production at its new methanol plant in Louisiana has been delayed, likely up to the end of Q3 2024.

SSR Mining (NASDAQ:SSRM) shares slid after the company announced over the long weekend that its environmental permit for its Copler gold mine had been revoked.

National Bank of Canada (OTC:NTIOF) (TSX:NA) raised it target price on Agnico Eagle (NYSE:AEM) Mines (TSX:AEM) Ltd to C$85 from C$84

CIBC (TSX:CM) cut its target price on MTY Food Group Inc (TSX:MTY) to C$62 from C$71

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• Dundee Precious Metals (TSX:DPM)
• Definity Financial (TSX:DFY)
• EQB Inc (TSX:EQB).

Top Losers on the TSX Today:

• Methanex Corporation (TSX:MX)
• Lithium Americas (TSX:LAAC)
• SSR Mining Inc (NASDAQ:SSRM)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Canada's annual inflation rate fell to 2.9% in January, compared to expectations for a 3.3% headline reading compared to 3.4% in December. On a seasonally adjusted monthly basis, headline CPI fell 0.1% in January.

For all Canadian economic releases, view our economic calendar.