Investing.com - Canada’s main stock exchange closed higher on Wednesday, pointing to a possible breather in a multi-day winning streak.
By the 4:00 ET close, the S&P/TSX 60 index jumped by 6.6 points, or 0.4%.
The Toronto Stock Exchange’s S&P/TSX composite index increased by 75.6 points or 0.3%. The index rose by 84.68 points, or 0.3%, on Tuesday, notching its highest closing level since February 19. It was the sixth consecutive day of gains for the average.
Financials and energy stocks, which account for a large portion of the index’s weighting, both advanced.
Headline annualized U.S. consumer price growth that undershot expectations bolstered sentiment, although some worries persisted that the data is yet to fully reflect the impact of recent U.S. tariff policies.
The release came after the U.S. and China agreed on Monday to a trade agreement that will see them lower sky-high tariffs on each other and pause the levies for 90 days.
U.S. stocks mixed, tech flies
U.S. stocks were mixed on Wednesday, after the positive start to the week on optimism around the inflation data and the U.S.-China trade deal.
At the 4:00 ET close, the NASDAQ Composite rose 136.7 points or 0.7%, and the S&P 500 gained 6 points or 0.1%. Conversely, the Dow Jones Industrial Average fell 89.4 points or 0.2%.
The blue-chip Dow closed 0.6% lower Tuesday, dragged down by a nearly 18% slump in UnitedHealth (NYSE:UNH), but the benchmark S&P rose 0.7%, while the tech-heavy Nasdaq jumped 1.6%.
The main Wall Street indices have rebounded strongly on relief after the announcement of a U.S.-China trade deal, with the broad-based S&P 500 now turning positive year-to-date for the first time since February.
Super Micro Computer was the winner of the day, gaining 15.7% by closing time. Shares in the company flew after the company announced a multi-year, $20 billion partnership with Saudi data center firm DataVolt.
In after-hours earnings, AI infrastructure company CoreWeave Inc (NASDAQ:CRWV) stock rocketed up 9% after crushing revenue estimates. The similarly AI-leveraged Cisco Systems Inc (NASDAQ:CSCO) gave upbeat guidance and strong results, sending shares up nearly 4%.
Crude slips lower
Oil prices edged lower Wednesday from the recent two-week high after a sharp jump in U.S. oil inventories raised demand concerns.
At 5:10 ET, Brent futures slipped to $65.82 a barrel, and Crude Oil WTI Futures fell 0.8% to $62.11 per barrel.
U.S. crude stocks rose 4.3 million barrels in the week ended May 9, according to data from the industry body American Petroleum Institute, released on Tuesday.
Official weekly inventory figures from the U.S. Energy Information Administration are due later in the session, and could indicate that the demand side is still grappling with significant challenges.
Both benchmarks had climbed more than 2.5% in the previous session, adding to Monday’s gains, after China and the U.S., the two largest crude consumers, agreed to pause their trade war for at least 90 days while cutting their respective tariffs.
Gold falls
Gold prices dropped as bullion’s safe-haven appeal took a hit from easing U.S.-China trade tensions, while the softer-than-expected U.S. inflation reading further exerted downward pressure.
Cooling consumer prices diminish demand for traditional safe-haven assets like gold, which are often used to preserve value during times of high inflation.
As of 5:10 ET, spot gold dipped by 2.2% to $3,177.52 per ounce, while gold futures expiring in June declined 2.6% to $3,180.85 an ounce.
(Scott Kanowsky also contributed to this article)