BoC Holds Rates as Oil Slips Below $95
This week in markets, Bank of Canada's decision to hold interest rates at 2.25% was a significant development. The move had an immediate impact on Canadian financials, with some stocks experiencing a boost.
Nvidia's advanced talks to acquire Hugging Face for $14 billion also made headlines, suggesting the AI infrastructure cycle still has room to grow.
However, not all stocks fared well. Wage growth slowed to a cycle-low 3.1%, and tech stocks sold off after Chair Warsh's Jackson Hole reset led markets to price in a 55% probability of a September Fed hike.
A U.S., Iran ceasefire pushed oil below $95 per barrel, providing some relief for energy holders. Meanwhile, the Bank of Canada's decision to hold interest rates meant that Canadian financials continued to attract investors.