Bank of Nova Scotia BNS.TO and Toronto-Dominion Bank TD.TO fell 2.7% and 1.4%, respectively, on the brokerage's rating cuts. Investors will parse the U.S. April consumer price inflation (CPI) data for signs on Federal Reserve's policy outlook in what market expects to be the end in a historic series of interest rate hikes. "Overall earnings season has been very good, beating a low bar but still not the number one driver of market movements, that's more to do with the Fed and interest rate policy."