Canadian inflation falls, but TSX fades

Tuesday saw the release of Canada’s July inflation print coming down to 2.5%. That’s the lowest rate since March 2021 and paves the way for the Bank of Canada to further cut interest rates in September. Despite the news, the TSX closed modestly lower by 0.32%, backing away from recent highs.

Among the key names were Canada Goose soaring 5.26%, Torex Gold up 3.98% and StorageVault Canada at 2.71%. In contrast, CNQ closed -2.57% and Manulife -0.95%, among the most-active names. Gold continued to shine by adding US$12 to US$2,516 while WTI crude gave back 0.44% to US$74 a barrel.

There was also mild weakness on Wall Street with the three major indices down 0.15% to 0.33%. Major gainers included Palo Alto jumping 7.18% and Darden Restaurants up 3.65%. Losers included Nvidia at -2.12%, Intel -2.46% and Valero Energy -4.7%. The U.S. 10-year yield continued to slip, down to 3.812%. Bitcoin added more than US$100 to nearly US$59,600.

🧣 Canada Goose Holdings (GOOS-T) +5.26%

🥇 Torex Gold Resources (TXG-T) +3.98%

🚚 StorageVault Canada (SVI-T) +2.71%

🛢 Canadian Natural Rsrcs (CNQ-T) -2.57%

🏛 Manulife Financial (MFC-T) -0.95%

💾 Palo Alto Networks (PANW-N) +7.18%

🍛 Darden Restaurants (DRI-N) +3.65%

💾 NVIDIA Corporation (NVDA-Q) -2.12%

💾 Intel (INTC-Q) -2.46%

🛢 Valero Energy Corp (VLO-N) -4.7%