The Canadian main stock index experienced a slight decrease on Thursday, as various sectors saw weakness, while U.S. markets moved higher with a boost from the technology industry. Chief investment officer at Purpose Investments, Greg Taylor, noted that the market was quieter that day, as many were still digesting the Bank of Canada’s recent decision to raise its key interest rate to 4.75% to combat inflation after several months of holding it. The S&P/TSX composite index dipped down 40.99 points to 19,942.70. Meanwhile, the Nasdaq composite increased by 133.63 points to 13,238.52, and the S&P 500 index rose by 26.41 points to 4,293.93. A lot of anticipation is surrounding the inflation data in the U.S scheduled to be released next week, followed by the Federal Reserve rate announcement. However, it remains unclear whether there will be further hikes or a mere pause by the Fed in light of this data. Taylor claims that markets do not appreciate uncertainty, and that there is still a high level of uncertainty at this time.
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