Canada's main stock index struck yet another record high on Thursday, as investors awaited employment data that could influence the Bank of Canada's September interest-rate decision.
The TSX Composite Index climbed 164.53 points to close Thursday trading at 28,915.89.
The Canadian dollar dropped 0.17 cents to 72.33 cents U.S.
Techs led the parade of winners, on Descartes' gains of $9.66, or 7%, to $146.86, after the supply chain technology provider beat quarterly revenue estimates.
Elsewhere in the sector, Celestica surged $13.76, or 4.7%, to $306.08.
Real-estate stocks also shone, as Colliers International hiked $6.84, or 3.1%, to $228.88, while FirstService captured $4.94, or 1.8%, to $278.92.
Telecoms were also positive, as Quebecor gained $1.37, or 3.2%, to $43.87, while Cogeco added a dollar, or 1.6%, to $64.69.
Gold and materials slowed things down a mite, as Wesdome reversed 38 cents, or 2%, to $19.13, while Seabridge Gold dropped 36 cents, or 1.5%, to $23.99.
Endeavour Silver slid 40 cents, or 4.5%, to $8.50, while First Majestic Silver gave back 54 cents, or 4.1%, to $12.54.
Among health concerns, Bausch Health Companies surrendered 16 cents, or 1.6%, to $9.98.
On the macroeconomic scene, Statistics Canada reported Canada's merchandise exports rose 0.9% in July, while imports were down 0.7%. As a result, Canada's merchandise trade deficit with the world narrowed from $6.0 billion in June to $4.9 billion in July.
ON BAYSTREET
The TSX Venture Exchange lost 2.85 points to 844.22.
Eight of the 12 TSX subgroups were still positive on the day, information technology better 2.1%, while real-estate zoomed 1%, and telecoms improved 0.7%.
The four laggards were weighed most by gold, retreating 0.5%, health-care, demurring 0.3%, and materials, sliding 0.2%.
ON WALLSTREET
Stocks gained momentum as Thursday’s session continued with an afternoon boost lifting the S&P 500 solidly into the green as traders shook off weak private employment data earlier in the morning. A big jobs report looms over the market, with traders wanting a figure Friday that bolsters rate cut chances without causing a scare about a recession.
The Dow Jones Industrials leaped 350.08 points to close Thursday at 45,621.29, restrained by a 5% fall in Salesforce shares on the heels of the software company posting a disappointing revenue outlook.
The S&P 500 index gained 53.82 points to end the session at 6,502.08.
The NASDAQ popped 209.97 points to 21,707.69.
Gap is looking to sell beauty products as a new line of revenue, the Wall Street Journal said in a Thursday report. Gap shares jumped $1.34, or 5.9%, to $23.93.
Amazon also helped lead the market higher with shares rising $9.69, or 4.3%, to $235.68, spurred by increased enthusiasm surrounding its relationship with Anthropic.
The ADP private payrolls report showed an increase of 54,000 in August. Economists polled by Dow Jones had expected private employers to add 75,000 jobs. The figure is also less than the revised 106,000 in July.
The reaction was limited as investors reasoned that the recent ADP data was weak enough for the Federal Reserve to justify a September rate cut, but not soft enough to herald a recession.
Traders increased their bets that the central bank would cut on Sept. 17, with fed funds futures trading following ADP’s report now indicating a 97.6% chance of a rate cut. That’s up from 96.6% a day ago.
Jobless claims for the week ended Aug. 30 also increased to 237,000. That number came in above estimates and marked an 8,000 gain from the prior week, providing more evidence of slowing in the labor market.
Meanwhile, August’s ISM non-manufacturing PMI reading came in at 52.0, slightly better than the Dow Jones forecast for 50.8.
Those reports come ahead of Friday’s big jobs report, which is expected to post a 75,000 non-farm-payroll gain for last month, according to economists polled by Dow Jones.
Traders are also turning their eyes to Washington for the latest on trade, after President Donald Trump asked the Supreme Court to quickly rule on an appeal that would overturn lower court decisions that deemed most tariffs illegal.
Prices for 10-year Treasury leaped Thursday, pushing down yields to 4.16% from Wednesday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices dwindled 65 cents to $63.32 U.S. a barrel.
Gold prices flopped $28.90 at $3,605.60 U.S. an ounce.
Related Stories
