TORONTO — Canada's main stock index fell 1.6 per cent Wednesday in a broad-based decline, while U.S. stock markets also fell.In New York, the Dow Jones industrial average was down 411.32 points at 38,441.54. The S&P 500 index was down 39.09 points at 5,266.95, while the Nasdaq composite was down 99.30 points at 16,920.58.
Traders continue to adjust their expectations for interest rate cuts from the U.S. Federal Reserve, he said. Those expectations have been significantly pared back from earlier this year as economic data has been coming in stronger than expected. The U.S. consumer has remained surprisingly resilient, said Gauthier, though it’s an increasingly polarized picture.
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