Equities in Canada’s largest market advanced Monday, powered largely by resource and financials, as investors awaited the latest move by the Bank of Canada, set for later this week.
The TSX gained 155.98 points to close Monday at 35,944.16
The Canadian dollar dropped 0.04 cents to 71.32 cents U.S.
Canada's benchmark index declined last week amid volatility ?in global equity markets, with a selloff in AI-linked stocks further weighing on investor sentiment ahead of rate decisions from the Fed and the ?Bank of Canada
Traders expect the Fed to keep rates on hold ?at its policy meeting next week, with a quarter-point hike priced in for December.
In Canada, the BoC ?is expected to raise its benchmark interest rate by ?25 basis points to 2.5% on Wednesday and deliver one more hike by the end of March, according to a Reuters poll of economists
Investors were also monitoring trade developments after U.S. President Donald Trump said on Sunday that he expected a trade dispute with Canada to be resolved "soon."
Among stocks, CAE rose $1.60, or 4.6%, to $36.60, after the flight simulator maker agreed to sell Flightscape, its airline operations software business, to aviation technology firm SITA in a deal valued at $500 million, including debt.
Gold stocks led the gainers, with Seabridge leaped $1.83, or 5.4%, to $35.99, while B2Gold captured eight cents, or 1.2%, to $6.77.
In financials, iA Financial jumped $6.22, or 3%, to $213.40, while Power Corporation jumped $1.60, or 1.7%, to $94.02.
Among materials, Ero Copper hiked $1.47, or 3.5%, to $43.50, while NGEx Minerals advanced 48 cents, or 2.3%, to $21.32.
Downward journeys were taken by consumer discretionary stocks such as Aritzia, retreating $4.27, or 2.8%, to $150.88, while Restaurant Brands International handed back $1.68, or 1.6%, to $103.90.
Tech also suffered, with Computer Modeling Group down eight cents, or 2.4%, to $27.07, while Celestica subsided $11.36, or 3.1%, to $3.53.
In health-care, Extendicare slid 66 cents, or 2.4%, to $27.07, while Bausch Health Companies lost 16 cents, or 1.8%, to $8.87.
On the political front, the opposition Conservative Party won an election ?in British Columbia for the first time in nearly 100 years, provisional results showed on Sunday
ON BAYSTREET
The TSX Venture Exchange progressed 4.33 points to 825.28.
Seven of the 12 subgroups lost ground, weighed mostly by consumer discretionary, off 0.6%, while information technology and health-care each backed 0.5%.
The five gainers were led by gold, brighter 1%, while financials jumped 0.8%, and materials climbed 0.7%.
ON WALLSTREET
Stocks rose Monday as semiconductor makers rallied after Anthropic’s IPO filing revived enthusiasm for the artificial intelligence trade.
The Dow Jones Industrials popped 146.52 points to 52,361.58.
The S&P 500 index gained 53.09 points to 7,676.77
The tech-heavy NASDAQ raced ahead 214.04 points to 26,169.38.
Chip stocks and other AI-related shares rose as Anthropic publicly filed for an IPO, an offering investors are betting will add new life to the flagging tech sector.
The AI company behind Claude reported $16.29 billion in revenue for the six months ended June, a 1,304% increase from $1.16 billion during the same period a year earlier. It plans to list on the Nasdaq under ticker symbol “ANT.”
Other major AI headlines added to the risk-on sentiment. Meta Platforms said Monday it is planning to raise $95 billion to support its AI investments. SpaceX CEO Elon Musk said over the weekend that the satellite and rocket launch company has closed a $40-billion debt deal for AI chips.
Semiconductors rallied as shares of Nvidia climbed 2.6%, Micron increased 4%, Broadcom rose 3% and Advanced Micro Devices jumped 3%.
Neocloud names bounced Monday, even after Elon Musk said more than 200 companies in the space face “guppy-level death.” A neocloud is a specialized cloud computing company that builds and rents out AI-dedicated infrastructure. Shares of CoreWeave popped 4.7%, while Nebius Group gained 2%.
Traders are awaiting the Federal Reserve’s decision on Wednesday. Fed funds futures trading suggests a 90% likelihood that policy makers will hold interest rates at the current target range of 3.75% to 4%
Prices for the 10-year Treasury was slightly higher, raising yields to 4.99% from Friday’s 5%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.24 to $102.03 U.S. a barrel.
Gold prices moved upward $19.40 to $4,027.30 U.S. an ounce.
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