FX.co ★ TSX Reverses Early Session Losses

On Friday afternoon, the S&P/TSX Composite made an impressive recovery from its initial losses to remain steady above the 30,250 mark. This came after the steepest daily drop since April experienced in the previous session, largely driven by a rebound in the technology and financial sectors, while energy stocks showed strong gains. Companies including Canadian Natural, Suncor, Imperial Oil, and Cenovus saw increases ranging between 1.3% and 3%, as rising oil prices were spurred by supply disruptions related to Russian crude. Meanwhile, key tech and financial firms managed to offset most of their earlier significant declines, stabilizing to trade either flat or slightly down, thus mitigating the initial market pressures. Furthermore, comments from US Federal Reserve officials with a hawkish tone lessened expectations for a December rate cut. These officials emphasized caution regarding further rate cuts, citing persistent inflation and a robust labor market as reasons for their stance. On the economic data front, wholesale sales increased by 0.6% in September, while manufacturing sales saw a notable rise of approximately 3.3% for the same month.