TSX slides as traders digest hawkish Powell comments

Investing.com — Canada's main stock index, the S&P/TSX Composite tracked Wall Street lower on Monday, as treasury yields jumped and traders digested hawkish comments from Federal Reserve Chair Jerome Powell over the weekend.

In an interview on 60 minutes, Fed Chairman Jerome Powell said that the Fed would be "prudent" when considering rate cuts, further dampening hopes of rate cuts in March.

The commodity heavy Canadian index was further pressured by materials stocks, as gold and copper prices fell.

Toronto Stock Market News

Brookfield Asset Management (TSX:BAM) announced it had raised $10 billion in the first closing of its second Brookfield Global Transition Fund, which focuses on investments supporting the transition to a net zero global economy.

Parkland Corp (TSX:PKI) received a downgrade from RBC (TSX:RY) to "sector perform" from "outperform."

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• BRP Inc (TSX:DOO)
• Celestica (NYSE:CLS) Inc (TSX:CLS)
• Nuvei (TSX:NVEI)

Top Losers on the TSX Today:

• Lithium Americas (TSX:LAAC)
• Ballard (TSX:BLDP)
• Innergex Renewables (TSX:INE)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

The S&P Global Canada services PMI data showed Canadian service sector activity declining for an eight consecutive month in January.

The Canadian Federal government announced that it will extend the ban on foreign nationals seeking to purchase homes in Canada, for another two years. The announcement comes within the context of the Federal government facing mounting criticism over the rapid decline in Canadian housing affordability.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.