July ended with a bang as the TSX surged 1.28% to close at a record high of 23,116, and tech roared back after recent weakness. Canadian stocks filled trading screens with green on Wednesday and the month of July with a 6% gain.
Influential names: Celestica up 6.88%, Denison Mines 6.25, New Gold13.12%, Precision Drilling 6.82% and Hudbay Minerals 6.08%. WTI crude gushed 5% to US$78.45 a barrel while gold advanced US$38 to US$2,248 an ounce.
Tech reversed recent losses with a vengeance as the Nasdaq soared 3.1%. Not to be outdone, the S&P rallied 1.95% and the Dow 0.85%. Nvidiareversed sharp losses of the day before by rocketing 12.83%. Other key movers: AMD 4.41%, Apple 1.72%, Broadcom 11.94% and Tesla 4.51%. Meta reported after the bell and shares jumped over 6% immediately after-hours. However, for the month the Dow rose 5.2%, the S&P only 1.5% and the Nasdaq -0.4%. The U.S. Fed left rates unchanged Wednesday, as some had expected, but hinted at a rate cut ahead. Surprisingly, the market didn’t budge on the news or the press conference. The U.S. 10-year yield inched down 4.14% as Bitcoin fell 1.25% to US$65,340.