Falling commodity stocks drag TSX to two-week lows
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Canada's main stock index, the S&P/TSX composite index, fell to its lowest level in two weeks on July 25. The decline was led by precious metal miners as gold and silver prices weakened. Gold prices touched a two-week low after data showed the US economy expanded faster than expected and inflation slowed in the second quarter. Silver prices also skidded, while copper dipped below $9,000 per metric ton for the first time since April. The US gross domestic product (GDP) grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations for a September rate cut by the Federal Reserve. The Bank of Canada (BoC) lowered its interest rates by 25 basis points on July 24 and indicated chances of more cuts if inflation continues to ease. Loblaw Companies dropped 1.5% after missing estimates for second-quarter revenue, while Mullen Group jumped 8% after beating earnings estimates. The US economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve. Gold prices slipped to their lowest in over two weeks on July 25 as profit-taking kicked in after gold's recent rally, while traders awaited US economic data that could offer more cues on when the central bank will cut interest rates.

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https://www.kitco.com/news/off-the-wire/2024-07-25/falling-commodity-stocks-drag-tsx-two-week-lows