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Globe and Mail
03-07-2025
- Business
- Globe and Mail
Stocks Continue Climb on Fresh Trade News
Markets in Toronto hit a record high on Thursday as investors assessed economic data from Canada and the United States, while a U.S.-Vietnam trade pact renewed optimism about global trade agreements ahead of the July 9 tariff deadline. The TSX Composite Index gained 109.63 points to reach noon EDT Thursday at 26,979.29. The Canadian dollar inched up 0.12 cents to 73.71 cents U.S. On the TSX, technology stocks led sectoral gains, as BlackBerry rose 14 cents, or 2.4%, to $5.89. Energy stocks fell as Nuvista Energy fell 53 cents, or 3.6%, to $14.31, after announcing updated annual production guidance due to third party midstream delays. Mining shares edged lower. Capstone Copper was down 19 cents, or 2.1%, to $8.69, Teck Resources down $1.41, or 2.5%, to $55.31, and Ero Copper down 75 cents, or 3.2%, to $22.96. ON BAYSTREET The TSX Venture Exchange nicked ahead 1.60 points to 753.45. Eight of the 12 TSX subgroups were higher, with information technology up 1.5%, consumer staples ahead 1.2%, and financials richer by 0.8%. The four laggards were weighed most by energy, off 0.8%, health-care, sliding 0.6%, and materials, lower 0.2%. ON WALLSTREET U.S. stocks rose on Thursday, with the S&P 500 and NASDAQ Composite hitting fresh record highs, after a better-than-expected jobs report fueled optimism the U.S. economy was hanging tough despite fast-changing trade policy and geopolitics. The Dow Jones Industrials flew 344.11 points to 44,828.53. The much-broader index 51.93 points to 6,279.35 The NASDAQ Composite ballooned 207.97 points, or 1%, to 20,601.10. Analysts at Needham upgraded Meta Platforms to hold from underperform, saying in a note to clients that the Facebook-parent company has better labor productivity than eight other Big Tech and media peers that the agency covers. Thursday was a shortened trading session, with the New York Stock Exchange and the NASDAQ closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day. All three major U.S. averages are on pace to close out the week in positive territory. The S&P 500 and NASDAQ Composite are each 1.7% higher week to date, while the Dow is at a 2.3% gain for the period. Non-farm payrolls rose by 147,000 in June, the Bureau of Labor Statistics reported Thursday. That's above the Dow Jones forecast from economists for 110,000 and the upwardly revised 144,000 in May. The unemployment rate also fell to 4.1%, while economists had projected an increase to 4.3%. Thursday's report comes a day after ADP released data showing that private payrolls decreased by 33,000 last month, raising fears that perhaps the economy was starting to stumble under the weight of rapid policy changes out of Washington. Thursday's official government data knocked down that notion. Investors are also following along the progress on Trump's tax megabill, which finally passed the Senate Tuesday and has since returned to the House. The bill is now headed for a final vote after the Republican-controlled House advanced the legislation Thursday. Thursday will be a shortened trading session, with the New York Stock Exchange and the NASDAQ closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day. Prices for the 10-year treasury were lower, raising yields to 4.34% from Wednesday's 4.29%. Treasury prices and yields move in opposite directions. Oil prices docked 63 cents to $66.82 U.S. a barrel.
Business Recorder
03-07-2025
- Business
- Business Recorder
TSX hits record high as investors assess economic data, trade talks
Canada's main stock index hit a record high on Thursday as investors assessed economic data from Canada and the United States, while a U.S.-Vietnam trade pact renewed optimism about global trade agreements ahead of the July 9 tariff deadline. The S&P/TSX composite index gained 0.3% at 26,952.6 points. Data showed that Canada's trade deficit in May was as expected and narrowed after April's record-breaking numbers as total exports rose, and imports fell. Exports and imports to the U.S. dropped to their lowest levels in May, excluding the pandemic year of 2020. Meanwhile, U.S. President Donald Trump signed a trade deal with Vietnam on Wednesday. 'It looks as if we're moving towards more certainty with respect to the tariff situation…as we get closer to an outcome that's so positive, the markets begin to get a little bit excited,' said Robert Gill, portfolio manager at Fairbank Investment Management. On the TSX, technology stocks led sectoral gains with a 1.4% rise. Cybersecurity firm BlackBerry rose 3.3%. Conversely, an index of communication stocks fell about 1%. Energy stocks fell 0.5% tracking a decline in oil prices. Nuvista Energy fell 3.2% after announcing updated annual production guidance due to third party midstream delays. Mining shares edged 0.2% lower, tracking a fall in gold and copper prices. Copper miners Capstone Copper down 2.1%, Teck Resources down 2.3%, and Ero Copper down 2.7%, were among the bottom performers on the main index. Also supporting market sentiment was the Trump administration lifting export restrictions on Chinese-bound shipments from chip design software developers and ethane producers. In the U.S., data showed job growth was solid in June while the unemployment rate fell to 4.1%. Additionally, the U.S. House of Representatives advanced Trump's sweeping tax-cut and spending bill, paving the way for a possible vote on the legislation later in the day ahead of the July 4 holiday.
