Equities in Canada’s largest centre rose to a record high on Wednesday, led by gains in materials and consumer discretionary shares, as investors awaited details of a U.S.-Iran peace agreement and the Federal Reserve's rate decision under new Chair Kevin Warsh.
The TSX Composite Index popped 220.36 points to pause for lunch at 35,609.94
The Canadian dollar eased 0.16 cents to 71.28 cents U.S.
As apparel maker Gildan Activewear led gains, up $4.67, or 6.6%, to $75.06.
Federal Trade Minister Dominic LeBlanc said he had a constructive meeting with U.S. Trade Representative Jamieson Greer, with talks planned as USMCA review timelines extend beyond July 1 without immediate renegotiation.
Meanwhile, the U.S. and Trump have pivoted in their view of the war in Ukraine, taking what other G7 leaders thought was a more realistic position regarding the conflict, Prime Minister Mark Carney said on Wednesday.
ON BAYSTREET
The TSX Venture Exchange gained 6.78 points to 992.72.
Seven of the 12 TSX subgroups were higher, gold leading the leaders, up 2.7%, materials, ahead 1.9%, and information technology, advancing 1.1%.
The five laggards were weighed most by industrials, energy and consumer staples, each down 0.6%.
ON WALLSTREET
The Dow Jones Industrial Average reached a fresh all-time intraday record on Wednesday as oil prices rose and traders awaited the latest monetary policy decision from the Federal Reserve.
The 30-stock galloped 224.52 points to observe noon EDT Wednesday at 52,224.19.
The S&P 500 index nosed up 4.81 points to 7,516.16.
The NASDAQ changed direction and lost 6.04 points to 26,370.31.
SpaceX traded down 5%. The stock has been on fire since the rocket company’s initial public offering last week, which was priced at $135. In that short time, shares have risen around 40%, bolting the company’s valuation above that of Amazon’s.
Shares of Intel rose 3% as part of a broader comeback among chip stocks. This comes on the heels of the company starting production of its most-advanced chip node known as 18A-P, a step that moves the company closer to securing a potential agreement to produce chips for Apple devices.
Alongside Intel, ASML advanced 5%,
Investors are looking ahead to the Fed delivering its latest policy decision at 2 p.m. It will be the first under new Chairman Kevin Warsh, who will also hold a news conference at 2:30 p.m. EDT.
Prices for the 10-year Treasury were lower, boosting keeping yields to 4.44% from Tuesday 4.43%. Treasury prices and yields move in opposite directions.
Oil prices recovered 54 cents to $76.59 U.S. a barrel.
Gold prices hiked $23.70 to $4,378.10 U.S. an ounce.
