U.S. stocks opened, with the three major stock indexes collectively opening lower
U.S. stocks opened with the Dow Jones Industrial Average down 0.08%, the S&P 500 Index down 0.15%, and the Nasdaq Composite Index down 0.42%. Chip stocks weakened, with Intel (INTC.O) falling 5.44% and its chip foundry business losing $7 billion last year; TSMC (TSM.N) falling 1% and Nvidia (NVDA.O) falling 0.96%.
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On September 2, the Bank of Canada held its overnight rate at 2.25% for the seventh consecutive time. However, as the US-Canada tariff war has escalated and inflation risks have intensified, the market has shifted to betting on a rate hike. Governor Macklem warned that trade frictions will threaten the sustainability of the recovery. 63% of analysts expect the Bank of Canada to raise rates in the first half of 2027, while market pricing has shifted from expectations of easing to preparing for tightening in a stagflation scenario.
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