The Canadian market is up over 1% on Friday, with hopes of a Fed interest rate cut in September driving strong buying support. Various sectors including technology, energy, and real estate are seeing gains, with the benchmark S&P/TSX Composite Index hitting a new record high.

Cenovus Energy is up 4.3% after announcing a $7.9 billion acquisition of MEG Energy Corp. The deal is valued at $27.25 per share, with Cenovus expecting over $400 million in annual synergies.

Fed Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium have increased investor confidence in a future rate cut, with a 89.2% chance of a quarter point cut next month. Retail sales in Canada are expected to have slumped by 0.8% in July, following a 1.5% increase in June.

Read more at 1. Tesla reports record earnings in Q3, exceeding expectations with $1.86 billion in revenue.
“Nasdaq”

2. Apple unveils new iPhone 13 lineup, featuring improved cameras and longer battery life.
“CNBC”

3. Federal Reserve announces plans to start tapering its bond-buying program in November.
“Wall Street Journal”

4. Facebook faces criticism for its handling of misinformation on the platform, leading to calls for increased regulation.
“Reuters”

5. Amazon Prime Day sales reach $10.4 billion, surpassing previous records for the annual event.
“Barchart”: TSX Hits New Record High As Stocks Rally On Fed Rate Cut Hopes