Baystreet.ca - Canada's main stock index edged higher on Wednesday, helped by technology shares, as strong U.S. corporate earnings offset uncertainties related to trade tariffs.
The TSX gained 69.44 points by mid-Wednesday at 25,351.07.
The Canadian dollar descended 0.09 cents at 69.64 cents U.S.
Among individual stocks, Celestica (TSX:CLS) rose $8.98, or 5.3%, to the top of the index at $178.38. Capstone Copper fell 37 cents, or 4.1%, to $8.48 after brokerage Scotiabank (TSX:BNS) cut its price target on the stock.
U.S. President Donald Trump has vowed to impose tariffs on imports from China, Mexico, Canada and the European Union on Feb. 1.Wednesday, Statistics Canada reported its industrial product price index rose 0.2% month over month in December and increased 4.1% year over year, while its raw material price index grew 1.3% on a monthly basis last month and increased 9.1% year over year.
Markets are now pricing in an 85% probability of a 25 basis-point rate cut at the central bank's meeting next Wednesday.
ON BAYSTREET
The TSX Venture Exchange forged 2.02 points to 616.19.
Seven of the 12 TSX subgroups were higher early Wednesday afternoon, with energy and information technology each up 1%, while industrials progressed 0.9%.
The five laggards were weighed most by utilities, sagging 0.9%, communications, down 0.5%, and real-estate, off 0.3%.
ON WALLSTREET
Stocks climbed on Wednesday, with the S&P 500 hitting all-time high again, as technology shares such as Oracle (NYSE:ORCL) and Nvidia (NASDAQ:NVDA) rallied on artificial
The Dow Jones Industrials moved forward 117.04 points to break for lunch Wednesday at 44,142.85, boosted by Procter & Gamble’s gain of nearly 3% on the back of strong earnings.
The much broader index took on 48.35 points to 6,097.59, exceeding the last milestone touched in December before the market pullback. It also traded above its record closing high.
Though tariffs have been considered an overhang on markets, stocks have rallied this year on optimism about the new business-friendly administration following a December pullback. The S&P 500 was down 2.5% in December, but is already up 3% in 2025.
The NASDAQ Composite popped 293.71 points, or 1.5%, to 20,050.49.
Stocks surged on strong earnings reports, with Netflix (NASDAQ:NFLX) jumping 11% after the company surpassed 300 million paid memberships. It’s fourth-quarter earnings and revenue also topped analyst expectations. The streamer’s results got a boost from hit series “Squid Game” and live sporting events such as the Jake Paul and Mike Tyson boxing match.
Oracle shares jumped 7% and Nvidia climbed 4% as investors continued to pile into the AI trade following an announcement from the new White House. President Donald Trump announced a joint venture dubbed “Stargate” on Tuesday, with OpenAI, Oracle and Softbank to invest ?$500 billion, at least” in AI infrastructure within the United States.
Stocks were higher even after President Donald Trump said Tuesday he’s considering a 10% tariff on China beginning as soon as Feb. 1. That comes after he mulled levies on Canada and Mexico earlier in the week.
Prices for the 10-year Treasury slipped, raising yields to 4.61% from Tuesday’s 4.56%. Treasury prices and yields move in opposite directions.
Oil prices regrouped two cents to $75.85 U.S. a barrel.
Prices for gold gained $9.80 an ounce to $2,769 U.S.