The S&P/TSX Composite Index rose 0.5% to close at a record high of 36,662 on Wednesday, extending its recent run of all‑time peaks. In the US, CPI inflation eased to 3.4% in July from 3.5%, matching market expectations. Together with softer July labour market data, the in-line inflation print strengthened bets that the Federal Reserve will hold off on further rate hikes, supporting credit-sensitive North American equities.
In Canada, the Bank of Canada is widely expected to leave its policy rate unchanged at its September meeting.
Financials outperformed, with major banks trading higher: Royal Bank of Canada gained 1.5% and Toronto-Dominion Bank advanced 1.7%. Most miners also moved up alongside firmer gold prices, as Agnico Eagle climbed 1.8% and Barrick Gold added 3%. In contrast, Franco‑Nevada slipped 1.6% after missing earnings expectations.
In the technology space, Celestica jumped 9.2%, benefiting from a rally in US chipmakers. Constellation Software dropped 4.5% after revenue slightly undershot forecasts despite an earnings-per-share beat, while Shopify declined 1.2%, mirroring weakness in US hyperscalers.
