Governor Tiff Macklem must decide whether to cut rates now or on July 24, based on inflation control.
Forward markets estimate an 80% chance of this, based on Friday’s closing prices. This is mainly due to differences in how mortgages work in Canada compared to the U.S.
The Loonie stands ready for further gains as investors anticipate the Bank of Canada (BoC) to reveal a rate-cut verdict in its upcoming monetary policy meeting on Wednesday.
Job Openings Fall to Three-Year Lows
U.S. stocks fluctuated on Tuesday as job openings fell to a three-year low, indicating slower economic growth but raising hopes for a Federal Reserve rate cut this year.
April’s job openings dropped to 8.1 million, contrary to economists’ predictions of 8.37 million.
This update precedes the nonfarm payroll report due Friday and the Fed meeting next week. As of now, the S&P 500 is up 0.16%.
Intel Unveils New AI Chips
At the Computex tech conference in Taiwan on Tuesday, Intel unveiled its new Xeon 6 processors. This announcement coincides with similar launches from competitors Nvidia and AMD, as they all compete for dominance in the rapidly growing AI industry.
Unlike Nvidia and AMD, which focus solely on chip design, Intel both designs and manufactures its chips. However, Intel’s manufacturing division has faced challenges, with a larger operating loss of $7 billion in 2023 compared to the previous year.
Currently, Intel’s stock (INTC) is up 0.87%
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Steve cohen
