S&P/TSX composite posts small gain Tuesday, U.S. stock markets flat

TORONTO — Strength in energy and base metals helped Canada's main stock index post a small gain, while U.S. markets were mixed but relatively flat.In New York, the Dow Jones industrial average was up 31.99 points at 38,884.26. The S&P 500 index was up 6.96 points at 5,187.70, while the Nasdaq composite was down 16.69 points at 16,332.56.

With no important economic data this week and earnings season coming to a close, “the underlying tone to the market is one of a little bit more defensive sector leadership, as well as some interest-rate sensitive parts of the market,” said Archibald. Since the jobs report, markets are considering again that the Fed could cut rates twice in 2024, after previously paring back expectations to just one, said Archibald.“I think we're just going to be in this world ... where every data point is going to be probably over-scrutinized.”

“I'm not saying technology's going to do poorly, but it might underperform the market a little bit here.”

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