Stock market: Toronto continues its momentum, New York retreats

(Photo: Getty Images)

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MARKET REVIEW. Wall Street ended lower Tuesday the day after records for several indices and the first day of a monetary policy meeting of the US Central Bank (Fed).

The benchmark index of the Toronto Stock Exchange ended the day at another record, supported by gains in its energy sector which benefited from a rise in the price of crude oil.

The clues

In Toronto, the S&P/TSX ends the day with a gain of 73 points, or 0.37%, to 20,231 points, a new record.

In New York, the S&P 500 fell 8 points, or 0.2%, to 4,246 points.

The Dow Jones lost 94 points, or 0.27%, to 34,299 points.

The Nasdaq yielded 101 points, or 0.71%, to 14,072 points.

The context

The Nasdaq and S&P 500 had hit record highs the day before at the close, while the Dow Jones ended up in the red.

“US stocks ended down as the markets digested a series of mixed economic reports and patiently await the Fed’s monetary policy decision tomorrow,” summarize analysts at Charles Schwab.

Ahead of the market opening, players took notice of the unprecedented 6.6% annual rise in producer prices in the United States in May, according to the Department of Labor’s PPI index.

Retail sales fell 1.3% in May, both due to the end of government stimulus checks, auto shortages and consumers spending more on services, according to data released Tuesday by the Commerce Department.

All eyes are now on the outcome of the Fed meeting. Analysts do not expect a change in monetary policy, but will be on the lookout for any signal of a possible downturn in the future, especially during the press conference of the president of the institution, Jerome Powell .

Among the values ​​of the day, the aircraft manufacturer Boeing appreciated by 0.57%. European and American officials on Tuesday confirmed an agreement between the European Union and the United States to resolve their long-standing dispute over illegal subsidies to Airbus and Boeing.

The sports betting site DraftKings fell 4.17% after a damning report by investment research firm Hindenburg Research questioning certain company practices and questioning its market valuation. Hindeburg said he bet on a drop in the title of DraftKings.

Yelp, a listing site for local businesses, fell 1.65% after announcing a record in May for restaurant reservations in the United States made through its platform.

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