S&P/TSX composite ticks higher Wednesday, U.S. stock markets mixed

TORONTO — Strength in energy and base metal stocks helped lift Canada's main stock index on Wednesday, while U.S. stock markets were mixed but held relatively steady.

That’s compared with the ISM report on Monday that said U.S. manufacturing unexpectedly returned to growth last month. Powell's speech reiterated plans to cut rates in 2024, saying that recent economic data don’t “materially change the overall picture.” “The Fed doesn’t want to see a significant softening of the labour market,” he said, but “a continued slight softening” would be welcome and give them another reason to consider rate cuts.The May crude oil contract was up 28 cents at US$85.43 per barrel and the May natural gas contract was down two cents at US$1.84 per mmBTU.

Polestar, with a revamped ownership structure and new funding in place, is hoping two new SUVs get the brand back on track.Shares of United Parcel Service are trading higher Wednesday, following an upgrade by Redburn Atlantic. The firm has lifted its rating on the shipping company to Buy from Hold, arguing that UPS has reached, or is close to reaching, "trough" revenue, volume, margins, and share price.

The Fed's first rate cut is still on pace for June with inflation dropping like a rock, Fundstrat's Tom Lee says

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