Canada\u2019s main stock index posted a record high on Wednesday, helped by gains for energy and financial shares, as the European Union appeared headed toward a trade deal similar to an agreement U.S. President Donald Trump struck with Japan<\/p>\n
The Toronto Stock Exchange\u2019s S&P\/TSX composite index ended up 51.98 points, or 0.2 per cent, at 27,416.41, eclipsing Thursday\u2019s record closing high.<\/p>\n
\u201cIt looks like deals are getting done,\u201d said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. \u201cThis fear of August 1 may not materialize.\u201d<\/p>\n
The energy sector added 1.1 per cent and heavily weighted financials, which include bank stocks, were up 0.6 per cent.<\/p>\n
\u201cBanks are the bloodline of any economy,\u201d Mr. Small said, adding that they would benefit if trade certainty were to improve the economic outlook.<\/p>\n
Rogers Communications Inc shares advanced 1.2 per cent after the company raised its annual service revenue forecast, banking on a boost from its stake acquisition in Maple Leaf Sports.<\/p>\n
Not all sectors notched gains. The materials sector, which includes metal mining shares, fell 0.5 per cent as the price of gold, a traditional safe haven, declined.<\/p>\n
Industrials also ended lower, losing 0.6 per cent. Shares of Canadian National Railway Co dropped 4.1 per cent after the company\u2019s second-quarter revenue missed expectations.<\/p>\n
The S&P 500 notched a record high close on Wednesday, lifted by Nvidia and GE Vernova.<\/p>\n
The benchmark S&P 500 has now climbed about 8 per cent in 2025.<\/p>\n
\u201cThe key thing is the markets have confidence that the White House is going to continue to work through these trade deals,\u201d said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report.<\/p>\n
Shares of GE Vernova surged to an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit. GE Vernova has gained over 80 per cent so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centers.<\/p>\n
Heavyweight AI chipmaker Nvidia climbed and fueled gains in the S&P 500 and Nasdaq.<\/p>\n
Tesla swung between losses and gains ahead of its quarterly report due after the closing bell. Investors will focus on the electric vehicle maker\u2019s analyst conference call. They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk.<\/p>\n
\u201cWhat you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter,\u201d said Michael Green, chief strategist at Simplify Asset Management in Philadelphia.<\/p>\n
Alphabet dipped, with the Google parent also set to report results after the close of trading.<\/p>\n
According to preliminary data, the S&P 500 gained 49.93 points, or 0.80 per cent, to end at 6,359.91 points, while the Nasdaq Composite gained 127.33 points, or 0.61 per cent, to 21,023.67. The Dow Jones Industrial Average rose 511.35 points, or 1.15 per cent, to 45,013.79.<\/p>\n
Wall Street\u2019s \u201cfear gauge,\u201d the CBOE Volatility Index, dipped to its lowest level in over five months.<\/p>\n
Analysts on average expect S&P 500 companies to report a 7.5 per cent increase in earnings for the second quarter, according to LSEG I\/B\/E\/S. Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth.<\/p>\n
In economic data, U.S. existing home sales fell more than expected in June. Focus now shifts to Thursday\u2019s weekly jobless claims numbers and S&P Global\u2019s flash PMI data to gauge economic health in the wake of tariff uncertainties.<\/p>\n
Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week. Odds for a September reduction stand at about 58 per cent, according to the CME FedWatch tool. <\/p>\n
– Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"Canada\u2019s main stock index posted a record high on Wednesday, helped by gains for energy and financial shares,…\n","protected":false},"author":2,"featured_media":19667,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[4498,45,49,48,3237,3240,16664,1412,3241,14503,176,3238,6495],"class_list":["post-19666","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-banks","tag-business","tag-ca","tag-canada","tag-dow-jones","tag-equities","tag-marketupdate","tag-newsletter","tag-oil","tag-sp","tag-stocks","tag-tsx","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/19666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=19666"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/19666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/19667"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=19666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=19666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=19666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}