FX.co ★ TSX Lifted by Nvidia Driven Tech Rally

On Thursday, the S&P/TSX Composite Index climbed approximately 0.6%, surpassing the 30,200 threshold, ending a two-day decline as U.S. markets advanced. This surge followed robust results from Nvidia, which allayed concerns that the AI rally was not grounded in economic fundamentals. Nvidia has indicated a continued demand for AI infrastructure, a factor that boosted technology stocks, leading to a rise of over 4% in Shopify’s shares and more than a 5% increase for Celestica, fueled by optimism about potential earnings growth. The improved investor sentiment also positively impacted industrial and mining sectors tied to data center development. Furthermore, a rebound in crude oil prices provided support for major energy companies listed on the Toronto exchange. On the policy side, the Bank of Canada advocated for a coordinated effort to boost productivity amidst mounting challenges from U.S. trade policy. From an economic perspective, Statistics Canada revealed that the industrial product price index rose 6.0% year-over-year, while the raw materials price index increased by 5.8% over the same period.