"Now they feel like he (Powell) wasn't as aggressive on the call, so maybe he's backing off a little bit." Technology stocks rose 2.6% following a rise in the tech-heavy Nasdaq on Wall Street. Meanwhile, data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week as the labor market remained resilient. Telecom major Rogers Communications Inc gained 0.8% after beating estimates for quarterly revenue and phone subscriber growth. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber)
(Updates prices, adds comments and details)
By Shashwat Chauhan
Feb 2 (Reuters) - Canada's main stock index slipped on
Thursday, as losses in commodity-linked stocks offset gains in
technology, while Canada Goose's shares crumbled after the
luxury goods maker cut its full-year forecast.
At 10:12 a.m. ET (1512 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 42.99 points, or
0.21%, at 20,708.06.
Canada Goose Holdings Inc hit the bottom of the
TSX, crashing 14.2% after it trimmed its full-year revenue and
profit forecasts after COVID-19 disruptions weighed on sales of
its luxury parkas and jackets in China during the third quarter.
Commodity-linked stocks were a drag on the main index, with
energy losing 1.5% and materials shedding
2.0% as gold prices fell more than 1% and oil prices lost
ground. Driving risk sentiment was the U.S. Federal Reserve's
smaller interest rate hike on Wednesday and dovish cues from
Chair Jerome Powell, who said that the "disinflationary" process
was underway.
"There's all these factors that are lining up for a
recession and yet the Fed is still being kind of aggressive on
inflation and that's where the markets were spooked
historically," said Nicolas Katsiyianis, head of research at
Eight Capital in Toronto.
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