TORONTO — Strength in basic materials stocks helped lift Canada’s main stock index to finish higher on Wednesday, while U.S. markets were mixed as investors took stock of valuations for mega-cap tech companies.
Theresa Shutt, chief investment officer at Harbourfront Wealth Management, said there has been “some retrenchment” of the mega-cap stocks in U.S. markets.
“I think there’s now more uncertainty or skepticism around valuations. So we’re seeing that take place,” she said.
U.S. stock indexes ended mixed on Wednesday after Nvidia, Palantir and other superstar stocks pared most of their steep losses from the morning.
“I don’t know if we’re going to see a full rotation into the broader index. I think we’ll have to see, but there’s definitely been some profit taking that’s been taking place because I think maybe some investors are seeing this as kind of the top of the market,” Shutt said.
The S&P/TSX…
