TSX posts small gain, U.S. markets rise ahead of Fed rate meeting and earnings [Video]

Strength in base metals helped Canada’s main stock index post a small gain Monday, while U.S. markets also rose.

U.S. markets were muted ahead of a big week for earnings reports, as well as a Wednesday interest rate decision by the U.S. Federal Reserve.

The S&P/TSX composite index closed up 42.38 points at 22,011.62.

In New York, the Dow Jones industrial average was up 146.43 points at 38,386.09. The S&P 500 index was up 16.21 points at 5,116.17, while the Nasdaq composite was up 55.18 points at 15,983.08.

This week, “all eyes are going to be on the Fed,” said Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James Ltd.

Coming into the year, markets expected about six cuts to the central bank’s key rate by the end of 2024. But a succession of stronger-than-expected economic reports have eroded those expectations.

“Things are slowing, even though there’s …