Equities in Canada's largest centre rose on Tuesday, as gains in industrial and technology stocks offset losses in gold miners and financials.
The TSX recovered 46.27 points to pause for lunch Tuesday at 33,822.77.
The Canadian dollar backpedaled 0.05 cents at 72.97 cents U.S.
Canada's largest banks are expected to report another quarter of strong earnings, with Bank of Nova Scotia to kick off the first-quarter earnings today.
Scotiabank shares dipped $1.11, or 1.1%, in the first hour to $102.90.
In corporate news, Whitecap Resources reported quarterly results after the bell on Monday, beating analysts' estimates. Whitecap lost seven cents to $13.69.
Shares of Thomson Reuters climbed $13.17, or 11.9%, to $124.01.
Anthropic unveiled new plug-ins for investment banking, HR and engineering tasks, which it said were developed alongside partners including Thomson Reuters.
Loblaw fell $2.03, or 2.9%, to $67.23, retreating from the previous session's sharp gains on the announcement of a $1.75-billion investment.
ON BAYSTREET
The TSX Venture Exchange reversed and gained 3.87 points to 1,054.89.
The 12 TSX subgroups were evenly split, with industrials soaring 0.9%, while information technology and materials each gaining 0.8%.
The half-dozen laggards were weighed most by consumer staples, down 1.5%, while financials retreated 0.6%, and telecoms lost 0.3%.
ON WALLSTREET
U.S. equities rose on Tuesday, led by gains in Advanced Micro Devices and software stocks, as investors’ fears around artificial intelligence disruption to certain industries eased.
The Dow Jones Industrial Average took flight 325.38 points to 49,129.44.
The S&P 500 index took on 39.27 points to 6,877.02.
The NASDAQ hurtled higher 206.55 points to 22,833.82.
Shares of AMD jumped 8% after Meta announced a multiyear deal with the semiconductor company. The new partnership entails deploying up to 6 gigawatts of AMD’s graphics processing units for AI data centers. Meta will also invest in AMD through a performance-based warrant for up to 160 million shares of AMD.
The move comes a week after Meta said it’s using millions of Nvidia’s chips in its data center buildout. Shares of the AI chip darling were last marginally higher.
DocuSign was also a winner, increasing 4% after Anthropic said that its Claude Cowork is now able to be connected to DocuSign as well as organizations’ other existing tools like Google Drive and Gmail. The move offered some optimism to investors that AI might be able to complement software companies rather than take their place.
That extended to other areas of the software space. Shares of Salesforce — which has been working with Anthropic as well — and ServiceNow were up 4% and 2%, respectively
Major averages fell Monday on renewed fears of AI disruptions to various industries. President Donald Trump’s threat to hike global tariffs to 15% and tensions between the U.S. and Iran also kept traders on edge. A global 10% U.S. tariff took effect Tuesday.
Heading into Tuesday, traders will keep an eye on a key event hosted by artificial intelligence firm Anthropic, the company behind Claude. Anthropic is expected to make new product announcements and demonstrate Claude’s latest features. Anticipation of the event — and the additional disruption it could bring — contributed to declines in the software space on Monday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.04% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices dropped 43 cents to $65.88 U.S. a barrel.
Gold prices dropped $70.30 to $5,155.30 U.S. an ounce.
