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Bank of Canada governor Tiff Macklem came across as hawkish in an interview with reporters at an International Monetary Fund meeting and that has economists wondering if policymakers will continue to shrug off above-target inflation.
As of 11:34 AM ET, the S&P 500(^GSPC+0.41%) is up 0.85% to 7,725, and the Nasdaq Composite(^IXIC+1.11%) has climbed 1.67% to 26,576 as growth stocks rebound from their worst week since June. The Dow Jones Industrial Average(^DJI-0.07%) is trading 0.15% higher at 52,094.
Oct 19 (Reuters) – The tech-heavy Nasdaq Composite led Wall Street gains on Monday as investors returned to the chip sector and other AI-related stocks following last week’s bruising selloff, while investors waited for key corporate earnings reports.
Financial markets have begun betting on a rate hike from the Bank of Canada next week, putting more weight on hawkish remarks by Governor Tiff Macklem than better-than-expected September inflation data.
SP500 moved higher amid rebound in the tech sector. The strong performance of tech stocks provided sufficient support to the SP500 index, although traders have also focused on rising Treasury yields and monitored the challenging situation in Saudi Arabia.