TSX extends gains as AI demand lifts tech and financials
SPY•Canada’s S&P/TSX Composite rose 0.62% to 36,330.87 as of 10:31 a.m. ET, with technology and financial stocks leading gains after upbeat U.S. earnings signaled stronger AI demand.
1. Tech and banks advance
The S&P/TSX Composite extended its gains on Wednesday, with Canadian technology stocks up 0.9% and financials up 0.8%. BlackBerry rose 6.3% and Shopify gained 2%.
2. Other sectors and rates
Energy shares gained 0.6% as Brent crude held near $108 a barrel, while materials rose 0.4% as gold prices recovered from early declines. Canadian 10-year bond yields fell for a second session to 3.869%. Traders priced in an 80% chance of a Bank of Canada rate hike next week and about a percentage point of hikes over the next 12 months.
3. Budget and market outlook
Canada’s federal budget is due November 5. An investment adviser said technology headlines were moving the market, while financials had also rebounded in recent sessions.
