The Globe and Mail reports in its Thursday edition that Toronto joined Wall Street in closing lower Wednesday, retreating from recent record highs fuelled by China's sweeping stimulus package, as investors awaited further economic indicators and signals on upcoming interest-rate cuts. A Reuters dispatch to The Globe says that a weak U.S. consumer sentiment report on Tuesday raised concerns about the labour market health. The S&P 500 and the tech-heavy Nasdaq are up about 20 per cent so far this year, driven by expectations of rate cuts and optimism about artificial intelligence. However, the S&P 500 is trading at valuations significantly above long-term averages. "Valuations are fairly high right now, sentiment is fairly high," said Tom Martin at Globalt in Atlanta, noting that caution is creeping in. "It's hard to find bargains out there, because everything that has gotten hit, a lot of it has come back, and the market has broadened out." The S&P/TSX Composite Index ended down 46.34 points at 23,905.88, after four straight days of gains. Toronto's energy sector fell 1.8 per cent as the price of oil settled 2.6 per cent lower at $69.69 (U.S.) a barrel on easing worries over supply disruptions in Libya.