FX.co ★ TSX Rises to Record Highs

The S&P/TSX Composite Index increased by 0.9%, reaching an all-time high of 30,637 on Wednesday. This rise was largely influenced by dovish remarks from Federal Reserve Chair Jerome Powell, which overshadowed the renewed trade tensions between the United States and China, thereby boosting sectors such as mining, technology, and finance. Agnico Eagle Mines Limited and Barrick Gold Corporation experienced substantial gains, with their shares increasing by over 4% due to the rise in gold prices. Technology companies sensitive to interest rates performed well, highlighted by a 2.1% rise in Shopify's shares and a significant 9% increase for Celestica, following an upgraded price target from BMO Capital, from $230 to $300, based on projections that the company will secure key projects on AI infrastructure from Broadcom and OpenAI through 2027. The strong start to earnings reports from US banks also positively impacted Canadian financial stocks, with both RBC and TD Bank seeing their shares rise by just over 1%. However, market participants remained vigilant to any trade developments after President Trump suggested a possible cooking oil embargo in reaction to China's decision to halt purchases of US soybeans.