From CityNews: 2024-06-10 11:36:00

Strength in the energy, technology, and base metal sectors led to a slight gain in Canada’s main stock index, with the S&P/TSX composite closing up at 22,069.76. U.S. stock markets also saw increases, with the Dow up 69.05 points and the S&P 500 up 13.80 points. The Nasdaq composite rose by 59.40 points.

Oil prices rallied, boosting the TSX as demand remains steady. Analysts believe last week’s interest rate cut by the Bank of Canada signals a soft landing for the economy. U.S. markets are waiting for inflation data and the Fed’s interest rate decision, which could bring volatility based on rate expectations.

The Fed’s upcoming interest rate decision is highly anticipated, as recent economic strength has clouded its previous projections. Inflation appears to be stable for now, but uncertainty remains about the Fed’s future actions compared to other central banks.

Semiconductor giant Nvidia saw a 0.75% increase after a 10-for-one stock split. The company’s focus on artificial intelligence has contributed to its success. Market fluctuations also affected the Canadian dollar, which traded at 72.65 cents US, while oil prices and other commodities saw slight changes.



Read more at CityNews: S&P/TSX composite posts small gain Monday, U.S. stock markets also up