A day after U.S. Fed Chair Jay Powell raised the idea of cutting interest rates in 2024, markets in New York and Toronto extended broad gains on Thursday. Though tech took a back seat and markets closed below their morning highs, the TSX still advanced 0.7%, the S&P 0.27%, the Nasdaq 0.19%, and the Dow 0.43% to make another all-time high. Notably, the U.S. 10-year yield broke below 4% to 3.92%.<\/p>\n\n\n\n
Only two sectors lagged in Toronto, including consumer staples which plunged 30%, while financials, utilities, energy, materials and real estates made convincing gains. Royal<\/a> and TD<\/a> banks were the most active names and rose 1.74% and 2.13% respectively. Elsewhere, Transcontinental<\/a> soared 10.56% and Hudbay Minerals<\/a> popped 7.11%, though Pembina<\/a> sank nearly 3%. Optimism extended to oil, which saw WTI rally 3.2% to $71.71 a barrel.<\/p>\n\n\n\n On Wall Street, Tesla<\/a> rose 4.69%, Bank of America<\/a> 5.84%, Ford<\/a> 7.74% and Moderna<\/a> 9.25%, though Adode<\/a> slid 6.37% after offering disappointing full-year guidance the day before, despite beating its numbers. In contrast, Bitcoin<\/a> was quiet, adding 0.2% to trade around $43,000.<\/p>\n\n\n\n 🏛 Royal Bank\u00a0(RY-T)<\/a> +1.74%<\/p>\n\n\n\n 🏛 Toronto Dominion\u00a0(TD-T)<\/a> +2.13%<\/p>\n\n\n\n 🖨 Transcontinental Inc. (A)\u00a0(TCL.A-T)<\/a> +10.56%<\/p>\n\n\n\n ⛏ Hudbay Minerals\u00a0(HBM-T)<\/a> +7.11%<\/p>\n\n\n\n 🛢 Pembina Pipeline Corp\u00a0(PPL-T)<\/a> -3%<\/p>\n\n\n\n 🚗 Tesla Inc\u00a0(TSLA-Q)<\/a> +4.69%<\/p>\n\n\n\n 🏛 Bank of America\u00a0(BAC-N)<\/a> +5.84%<\/p>\n\n\n\n 🚘 Ford Motor\u00a0(F-N)<\/a> +7.74%<\/p>\n\n\n\n 💉 Moderna\u00a0(MRNA-Q)<\/a> +9.25%<\/p>\n\n\n\n