BEFORE THE BELL: TSX win streak could continue on trade optimism; Tesla shares drop as Musk announces job cuts
Global stocks are rallying this morning as trade optimism booms across the markets. The positive mood comes after the Wall Street Journal reported a US Treasury official suggested pulling back some of the US tariffs against China. While the US Treasury has denied this suggestion was made, investors are still taking an overall positive look at the trade relations between the two countries as talks are expected to continue at the end of the month.
The TSX may continue its winning streak on Bay Street into an 11th day helped by a renewed energy sector. The price of crude is pushing ahead, with US oil gaining to 53.06 a barrel.
The Loonie is pushing to 75.42 cents US.
Bad news coming from Tesla as Elon Musk announced a 7 per cent cut globally in the company’s workforce. Musk says the move is to compete with other automakers while pushing production of Tesla’s Model 3. Tesla’s stock has plummeted by over 7 per cent in pre-market trading following the news.