TSX rises on gains in industrials and materials sectors ahead of busy week of earnings

From Yahoo Finance: 2024-07-29 10:42:37

Canada’s main stock index rose on Monday, driven by gains in industrials and materials sectors. Investors await the U.S. Federal Reserve’s rate decision for global interest rate outlook. The S&P/TSX composite index was up 0.3% at 22874.08, fueled by positive U.S. inflation data. Market strategist Colin Cieszynski anticipates more earnings reports and Fed updates to influence trading trends.

The Toronto Stock Exchange’s materials sector climbed 0.3% as gold prices rose due to geopolitical tensions in the Middle East and expected U.S. rate cuts. The industrials sector also saw a 0.5% increase. Energy shares fluctuated due to volatile oil prices amidst concerns of escalating conflicts in the Middle East.

Nasdaq and S&P 500 rebounded after last week’s megacap stocks selloff. Investors are eager for technology firms’ earnings, starting with Microsoft. Market attention shifts to the upcoming U.S. central bank rate decision on Wednesday, with expectation of unchanged rates now and a potential cut in September.

This week’s market focus includes domestic GDP data for May and the impending U.S. jobs report. In company news, BlackBerry shares rose 1.2% as Tim Foote takes over as CFO. The cybersecurity company aims to maintain steady growth under new leadership.



Read more at Yahoo Finance: TSX rises ahead of busy week of earnings, US Fed decision