Markets in Toronto ascended into record territory Thursday, led by resource stocks, amid trade numbers north of the border.
The TSX sprang 169.88 points to close Thursday at 31,660.73.
The Canadian dollar increased 0.1 cents at 72.61 cents U.S.
In company news, Transcontinental's fourth-quarter revenue came in below analyst expectations. Transcontinental shares surrendered 66 cents, or 2.7%, to $23.60.
Consumer discretionary stocks rose, as shares of Dollarama let go of $3.36, or 1.7%, to $197.10, after the discount store raised its annual sales forecast, betting on resilient demand for cheaper household supplies and groceries amid still high inflation.
Electronics equipment company Celestica changed direction and gained $2.44 to $493.99, while heavyweight Shopify swooned $5.58, or 2.4%, to $226.91 and BlackBerry was down six cents, or 1%, to $6.00.
Economically speaking, Statistics Canada reported Canada's monthly international trade in services surplus was essentially unchanged from the previous month at $0.2 billion in September.
The agency added that, overall, imports of services were up 0.8% to $19.8 billion, and exports of services increased 0.7% to $20.0 billion.
ON BAYSTREET
The TSX Venture Exchanged bounced 11.77 points, or 1.2%, to 957.64.
Seven of the 12 TSX subgroups were positive by the close, with gold galloping 3.9%, materials, up 3.3%, and industrials eking up 0.6%,
The five laggards were information technology slumping 1.1%, energy, trailing 0.5%, and telecoms, falling 0.3%.
ON WALLSTREET
The Dow Jones Industrial Average and S&P 500 reached new heights on Thursday as a Federal Reserve interest rate cut followed by disappointing Oracle results prompted investors to move out of high-flying tech stocks and into names that can benefit from a growing U.S. economy.
The 30-stock index leaped 640.12 points, or 1.3%, to conclude Thursday at 48,697.87, boosted by a rise in Visa shares after the name was upgraded at Bank of America.
The much-broader index recovered 14.31 points to 6,900.99.
The NASDAQ ducked 60.3 points to 23,593.86.
Oracle shares tumbled 11% after the cloud computing company posted disappointing quarterly revenue and raised its spending forecast, heightening concerns about the company’s debt.
The report added more fuel to the debate about how quickly tech companies will be able to see returns on their artificial intelligence investments, spurring a rotation trade. Other AI plays were trading lower, including Nvidia and Broadcom, which were each down 1%.
Meanwhile, cyclical stocks like Home Depot were higher, including Nvidia, Broadcom, AMD and CoreWeave, which were each down 2%.
The report added more fuel to the debate about how quickly tech companies will be able to see returns on their AI investments. Other AI plays were also trading lower in extended trading, including Nvidia, dipping 3% and AMD, which was down 4%. CoreWeave fell 6%.
Those moves put a damper on the momentum garnered during the previous session, which saw the S&P 500 close just inches away from a new record after a divided Fed announced an interest rate cut for the third time this year and ruled out a rate hike.
The central bank’s Federal Open Market Committee cut its key overnight borrowing rate by a quarter percentage point to a 3.5%-3.75% range and signaled a slower pace of rate cuts ahead.
Prices for the 10-year Treasury were down Thursday, raising yields back to Wednesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices slumped 67 cents to $57.79.
Gold prices brightened $78.50 to $4,303.20.
