What’s going on here?
The Toronto Stock Exchange (TSX) is on a wild ride, gaining 190 points by midday thanks to strong performances in mining and telecoms, even as tech stocks stumble after a brief rally on tariff exemption news.
What does this mean?
The TSX’s uptick highlights its resilience amid global trade tensions and shifting sectoral performances. Miners and telecoms climbed by 1.8% and 1.3%, respectively, riding high on elevated commodity prices and strong demand. However, tech stocks dipped by 0.3%, overshadowed by looming tech levies from President Trump’s administration, despite positive tariff exemption news. Meanwhile, BMO Economics predicts upcoming Federal Reserve rate cuts to calm jittery markets, while the Bank of Canada plans to hold rates steady in the face of rising inflation. With Canada’s economic growth forecast revised upwards, there’s a cautious optimism, albeit tinged with recession fears.
Why should I care?
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