Trade optimism lifts markets to highs

Allan Tong Posted On July 23, 2025

A Financial Times report that the U.S. and EU were near a trade agreement helped lift indices in Toronto and New York to record closes once again. The S&P climbed 0.78%, the Nasdaq 0.61% and the TSX 0.19% to 27,416. The Dow rallied the most by 1.14%. Investors were hoping that the EU would follow in the footsteps of Japan, which just announced a trade understanding with the U.S.

In New York, major movers included Lamb Weston soaring 16.31%, GE Vernova 14.58%, Nvidia 2.25%, Fiserv -13.85% and Texas Instruments -13.34%. In Toronto, Baytex jumped 4.8%, Orla Mining -6.53%, Capital Power 5.18%, Celestica 7.52% and CNQ -4.09%. Seven sectors were positive in Toronto, led by energy and discretionary, while industrials lagged the most. In commodities, gold declined US$42 to US$3,389 and WTI added 0.2% to US$65.45. Bitcoin slid 1.65% to US$117,890. The U.S. 10-year yield edged up 4.384%.