The S&P/TSX Composite Index climbed to a record high above 36,500, supported by gains in heavyweight bank stocks. Oil prices pared earlier losses after a spokesperson for Qatar’s foreign ministry said talks between Oman and Iran were at an advanced stage, raising hopes for progress toward an agreement.
Financials outperformed, with TD Bank, BMO, CIBC, and Scotiabank each advancing around 1%, while Brookfield added more than 2%. Attention is now shifting to Wednesday’s release of the US July consumer price index, which is expected to offer new insight into the Federal Reserve’s policy trajectory. At the same time, expectations for a hawkish Bank of Canada remained intact following last week’s strong domestic labor data.
In the mining sector, Franco-Nevada (+0.2%) drew focus ahead of its post-market earnings release, while investors continued to assess Barrick’s (-1%) results from Tuesday. In technology, Shopify fell more than 1%, and Constellation Software edged lower before reporting its earnings.
