Inflation down, TSX soars
Canadian stocks extended their winning streak into Tuesday, driven by June’s inflation rate falling to 2.7% and fueling the chances of the Bank of Canada cutting interest rates next week. The dividend-heavy TSX rallied nearly across the board by 1.07% to closed a hair below 23,000 to set another record.
The most active names were TD up 1.97% and Suncor sinking 1.19% though energy lagged the most. Elsewhere, Shopify soared 8.54%, Canfor 5.62% and First Majestic Silver 5.42%. WTI crude slid 1.3% to dip below US$81 a barrel while gold jumped US$45 to a new high of US$2,467.
In the U.S., the same sentiment continued to drive the Dow also to another record close. The Dow leapt 1.85% to nearly 41,000 as the S&P gained 0.64% and the Nasdaq 0.2%. Once more, Nvidia was the most active name at -1.62%, followed by Tesla up 1.55%. Bank of America rallied 5.35% on earnings as Warner Bros. Discovery jumped 7.98%. The U.S. 10-year yield continued to retreat, slipping to 4.161%. Bitcoin inched 0.2% to nearly US$65,000.
🏛 Toronto Dominion (TD-T) +1.97%
🛢Suncor Energy Inc (SU-T) -1.19%
🛍 Shopify Inc. (SHOP-T) +8.54%
🌲 Canfor Corp (CFP-T) +5.62%
🥈 First Majestic Silver (FR-T) +5.42%
💾 NVIDIA Corporation (NVDA-Q) -1.62%
🚗 Tesla Inc (TSLA-Q) +1.55%
🏛 Bank of America (BAC-N) +5.35%
📺 Warner Bros. Discovery (WBD-Q) +7.98%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.2%
