TSX moves lower on signals about interest rate cuts from Federal Reserve

S&P/TSX composite index closed down 55.77 points on Thursday

Canada’s main stock index moved lower amid signals that the U.S. Federal Reserve may not cut interest rates as much as markets have expected.

The S&P/TSX composite index closed down 55.77 points at 16,253.46.

In New York, the Dow Jones industrial average was up 49.51 points at 26,252.24. The S&P 500 index was down 1.48 points at 2,922.95, while the Nasdaq composite was down 28.82 points at 7,991.39.

The Canadian dollar traded for an average of US75.23¢ compared with an average of US75.31¢ on Wednesday.

The October crude contract was down US33¢ at US$55.35 per barrel and the October natural gas contract was down US1.4¢ at US$2.16 per mmBTU.

The December gold contract was down US$7.20 at US$1,508.50 an ounce and the September copper contract was down US2.8¢ at US$2.56 a pound.