- S&P/TSX composite index was up 85.27 points at 35,653.41 as technology stocks rebounded, while U.S. stock markets were mixed.
- Technology stocks led the gains in the TSX, which turned green after rebounding off lows.
Canada's S&P/TSX Composite index rose 85.27 points to 35,653.41 on Tuesday, buoyed by a rebound in technology stocks. This uptick occurred amid mixed performance in U.S. markets, where the Dow Jones industrial average surged 520.33 points to 52,730.41, while the Nasdaq composite fell 76.36 points to 24,855.72.123
The Canadian dollar also saw slight movement, trading at 70.93 cents US, up from 70.85 cents on Monday. The technology sector's strength was highlighted by Apple's 0.8% rise, which briefly pushed its market capitalization above $5 trillion, making it only the second company to reach this milestone after Nvidia.
Despite the positive movement in Canada, the Philadelphia SE Semiconductor Index dropped 3.5%, and Roundhill's Memory ETF fell 7.2% to an over two-month low. Market analysts are closely watching the upcoming Federal Reserve interest-rate decision, with traders estimating a 28% chance of a rate hike this week and anticipating a minimum increase of 25 basis points by year-end.
Overall, the mixed signals from the U.S. markets and the anticipation of monetary policy changes are influencing investor sentiment across North America.
“The Canadian dollar strengthened to 70.93 cents US, up from 70.85 cents on Monday, reflecting positive sentiment in the market. Meanwhile, traders anticipate a 28% chance of a Federal Reserve interest rate hike this week, with expectations for at least a 25 basis point increase by year-end.”
CP24
The Globe and Mail
