TSX adds to weekly gains as technology shares climb
The S&P/TSX Composite Index (.GSPTSE), opens new tab ended up 122.09 points, or 0.5%, at 27,494.35, eclipsing Wednesday's record closing high. For the week, the index was up 0.7%.
The move has been supported by trade optimism "as negotiations have progressed on the U.S. side and also corporate profits that are coming in pretty strong," said Angelo Kourkafas, senior global investment strategist at Edward Jones.
Policy decisions are due from both the BoC and the Federal Reserve on Wednesday, while an August 1 deadline looms for Canada to reach a trade deal with the United States.
"That summer calm may be tested," Kourkafas said. "We are seeing some signs of complacency, which raise the risk of near-term volatility, but fundamentals remain supportive."
The Canadian central bank will hold its overnight interest rate steady at 2.75% for the third consecutive meeting, thanks to a recent rise in inflation and a fall in unemployment, according to a Reuters poll of economists that still found many expect at least two more cuts this year.
The technology sector (.SPTTTK), opens new tab rose 1.8%, boosted by a 4.7% gain for the shares of Lightspeed Commerce (LSPD.TO), opens new tab, which is due to release earnings next Thursday. Shares of e-commerce company Shopify (SHOP.TO), opens new tab added 2.5%.
Industrials were up 0.7% as railroad shares notched gains and heavily weighted financials ended 0.5% higher.
Energy was a drag, dipping 0.5%, as the price of oil settled 1.3% lower at $65.16 a barrel.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
Washington Post veteran says he left after 18 years over Bezos ‘unapologetically patriotic' content mandate
A veteran Washington Post columnist who quit the newspaper last month has spoken out against owner Jeff Bezos 's Trump-friendly transformation of the opinion pages. Jonathan Capehart, who joined the Post in 2007 and served on its editorial board until 2023, said on MSNBC on Friday that he had chosen to leave because the new demand for "unapologetically patriotic" articles left "[no] room for a voice like mine". He was among several high-profile journalists and editors who accepted a buyout offered by the Post 's new CEO William Lewis to any employees who "do not feel aligned" with Bezos's new order. The news comes after the Amazon founder and chairman decreed this February that the Post 's opinion pages would now pivot to supporting "personal liberties and free markets", while excluding any contrary views. Asked on air why he had chosen to leave, Capehart said that Bezos — who had a prominent seat at Donald Trump's inauguration and is currently the world's fourth richest person, according to Forbes — had the "right" to make those changes but that they left no space for his perspective. "It became clear, as time went along, and especially when he chose a new leader for the section, that there was just not going to be any room for a voice like mine, especially when we were told that we would have to be unapologetically patriotic in talking about the positive things happening in the country," Capehart said. "How can you talk about the positive things happening in the country when the rest of the house is engulfed in flames and the foundation is flooding?' he asked. "I wanted to go someplace where my voice would be heard." By "new leader", Capehart was referring to the paper's new opinion editor Adam O'Neal, who vowed in June to publish "unapologetically patriotic" articles "rooted in fundamental optimism about the future of this country". Capehart had previously quit the Post 's editorial board in 2023 after an editorial that he felt minimized systemic racism was published over his objections. At the time, he was the board's only Black member. When Bezos bought the 147-year-old newspaper in 2013, he promised that its "values... [did] not need changing" and that it would not be beholden "to the private interests of its owners". "I won't be leading The Washington Post day-to-day," he added. That all changed starting in October 2024, 11 days before election day, when Bezos reportedly intervened personally in order to block the editorial board's planned endorsement of Kamala Harris, breaking with decades of tradition. Since then there has been an exodus of longtime workers, with many complaining that they were subject to increased editorial meddling or even directly blocked from criticizing Bezos. "I believe we face a very real threat of autocracy in the candidacy of Donald Trump. I find it untenable and unconscionable that we have lost our voice at this perilous moment," wrote former editorial board member and Pulitzer Prize winner David Hoffman when he resigned last October.
Reuters
an hour ago
- Reuters
Axon raises annual revenue forecast on strong security demand
Aug 4 (Reuters) - TASER maker Axon Enterprise (AXON.O), opens new tab raised its full-year revenue forecast on Monday, betting on continued demand for its software products and security devices. Shares of Axon were up 3.5% in aftermarket trading. The Arizona-based company — known for its law enforcement technology, including TASER energy weapons, body-worn cameras, and digital evidence management systems — has benefited from rising corporate spending on executive security and increased federal investment in immigration enforcement. Axon now expects 2025 revenue to be between $2.65 billion and $2.73 billion, up from its earlier forecast of $2.60 billion to $2.70 billion. Analysts on average expect $2.66 billion, according to data compiled by LSEG. For the quarter ended June 30, Axon reported adjusted earnings of $2.12 per share, well above analysts' average estimate of $1.46. Quarterly revenue came in at $668.54 million, compared with expectations of $631.56 million.
Daily Mail
an hour ago
- Daily Mail
Price hikes are music to the ears of Spotify investors - but UK subscribers won't be hit
Spotify shares rallied yesterday as the streaming giant announced price hikes in multiple countries – but not in the UK. The Swedish music platform's stock jumped 5 per cent in New York after raising its Premium subscriptions, which allow customers to listen advert-free to music on their phones and computers. Spotify's shares are up almost 50 per cent this year. Price rises will be introduced across South Asia, the Middle East, Africa, Europe, Latin America and Asia-Pacific. For example, in Sweden, the monthly rate is up from £9.26 to £10.03. But not in the UK, whose stars, such as Dua Lipa, have amassed millions of listeners. British fans last saw a price rise in April last year – from £10.99 a month to £11.99. Global subscribers have risen 12 per cent to 276m, while sales rose 10 per cent to £3.6billion.
