TORONTO \u2014 Canada\u2019s main stock index finished up more than 300 points on Monday, helped by strength in the materials sector, while U.S. stock markets also surged higher amid a focus on fundamentals.\u00a0<\/p>\n
\u201cYou\u2019re seeing this continued momentum, I think people are shrugging off potential noise and sticking to the fundamentals, which I think is a really good thing on that front,\u201d said Sadiq Adatia, chief investment officer at BMO Global Asset Management. \u00a0<\/p>\n
\u201cWhen you look at underlying fundamentals, things are still looking good. And you\u2019ve got rate cuts continuing on, that should help fuel things.\u201d<\/p>\n
He added that despite the ongoing tariff situation, trade tensions between the U.S. and China appear to have \u201ccalmed down a little bit.\u201d\u00a0<\/p>\n
Last week, Adatia noted investors saw strong earnings reports from major U.S. banks, including Citigroup, JPMorgan Chase and Wells Fargo.<\/p>\n
This week features a raft of big names reporting their latest quarterly results, including Coca-Cola on Tuesday, Tesla on Wednesday and Procter & Gamble on Friday.<\/p>\n
The pressure is on companies broadly to show that their profits are growing following a torrid run for the S&P 500, which is up of 35 per cent from a low in April.\u00a0<\/p>\n
Corporate profit reports have also taken on more importance because they offer windows into the strength of the U.S. economy when the U.S. government\u2019s shutdown has delayed important economic updates.<\/p>\n
Adatia highlighted a report on Apple Inc.\u2019s iPhone sales appeared more positive than expected.<\/p>\n
Figures from Counterpoint, a tech-focused market research firm, showed that sales for the latest iPhone series outpaced the previous versions in the U.S. and China during the first 10 days of availability.\u00a0<\/p>\n
Apple\u2019s stock led the way and rose 3.9 per cent amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500 and set its own record high.<\/p>\n
\u201cYou don\u2019t see those types of moves on Apple too often these days. So that\u2019s a big positive sign that things are looking really, really good on the sales side,\u201d Adatia said.\u00a0<\/p>\n
Elsewhere in the U.S. tech sector, Amazon\u2019s stock held up despite a widespread outage for its cloud computing service that caused disruption for internet users around the world Monday. Amazon\u2019s stock rose 1.6 per cent.<\/p>\n
In New York, the Dow Jones industrial average was up 515.97 points at 46,706.58. The S&P 500 index was up 71.12 points at 6,735.13, while the Nasdaq composite was up 310.57 points at 22,990.54.<\/p>\n
The S&P\/TSX composite index was up 307.96 points at 30,416.44.<\/p>\n
The December gold contract was up US$146.10 at US$4,359.40 an ounce.<\/p>\n
With gold prices soaring on Tuesday, Adatia noted the price of the precious metal could continue to rise.\u00a0<\/p>\n
\u201cWe\u2019re very bullish on gold still, I think we had a call of US$4,000 (per ounce) earlier, just less than a month ago, and we soared right through that. So US$5,000 is not out of the question for next year,\u201d Adatia said.\u00a0<\/p>\n
The Canadian dollar traded for 71.25 cents US compared with 71.25 cents US on Friday.<\/p>\n
The December crude oil contract was down 13 cents US at US$57.02 per barrel.<\/p>\n
The December gold contract was up US$146.10 at US$4,359.40 an ounce.<\/p>\n
This report by The Canadian Press was first published Oct. 20, 2025. With files from The Associated Press.<\/p>\n
Daniel Johnson, The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"TORONTO \u2014 Canada\u2019s main stock index finished up more than 300 points on Monday, helped by strength in…\n","protected":false},"author":2,"featured_media":228503,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,164,186,171],"class_list":{"0":"post-228502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economy","12":"tag-finance","13":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/228502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=228502"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/228502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/228503"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=228502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=228502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=228502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}