The tech market returned to prominence in Canada’s main stock index on Thursday, leading gains for the TSX. A rally among mining and telecom shares added further support while industrial and financial stocks lost ground.
Click the video below for more on what happened with the markets today.
Wall Street stocks also climbed, driven by gains in the tech sector. Nvidia (NASDAQ:NVDA) saw a near 3 per cent increase following Hewlett Packard’s (NYSE:HPE) announcement that it had shipped its first solution using Nvidia’s Blackwell chip. 2024 stock darling, AppLovin (NASDAQ:APP) jumped by 20 per cent on its earnings report.
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Traders considered slightly higher-than-expected inflation data and ongoing global trade tensions. The producer price index (PPI), which indicates what producers receive for their goods and services, rose by 0.4 per cent in January, beating the 0.3 per cent estimate. The core PPI, excluding food and energy, increased by 0.3 per cent, matching the forecast.
Despite the higher headline number, the latest PPI report, along with Wednesday’s consumer price index data, suggests a softer personal consumption expenditures (PCE) price index than traders had anticipated. This measure, which the Federal Reserve closely monitors, will be released later this month.
The Canadian dollar traded for 70.49 cents US compared to 70.00 cents US on Wednesday.
US crude futures traded $0.02 lower at US$71.39 a barrel, but the Brent contract lost $0.03 to US$75.15 a barrel.
The price of gold was up US$27.09 to US$2,928.97.
In world markets, the Nikkei was up 497.77 points to ¥39,461.47, the Hang Seng was down 43.55 points to HK$21,814.37, the FTSE was down 42.72 points to ₤8,764.72, and the DAX was up 463.99 points to €22,612.02.
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(Top image generated with AI.)