S&P/TSX composite edges upward despite energy losses, U.S. markets also up

The S&P/TSX composite index was up 15.60 points at 20,720.39.

Losses in energy on Canada’s main stock index were offset by gains in other sectors, with the index posting a minor gain Wednesday, while U.S. markets were also up.

The S&P/TSX composite index was up 15.60 points at 20,720.39.

In New York, the Dow Jones industrial average was up 38.78 points at 34,128.05. The S&P 500 index was up 11.47 points at 4,147.60, while the Nasdaq composite was up 110.45 points at 12,070.59.

It’s all about U.S. data this week, said Stonehouse, with both retail sales data Wednesday and Tuesday’s inflation numbers showing that inflation and the consumer are remaining resilient in the face of rising interest rates.

“We’ve seen the market start from a selling off position, and then kind of work its way back into neutral range as the day progressed, both yesterday and today,” he said.

Markets have been revising their expectations for the rate hiking cycle as a result, said Stonehouse.

“What we’ve seen the last few days is a continuation of the bond market selloff that’s basically been in place ever since the employment data came out,” he said.

Equity markets have been more range-bound as of late, with fewer dramatic reactions to economic data, said Stonehouse.