15.10.202513:52:23UTC+00TSX Tests Record High

On Wednesday, the S&P/TSX Composite Index advanced nearly 1%, surpassing the 30,600 mark for the first time. This uptick was driven by dovish remarks from Federal Reserve Chair Jerome Powell, which overshadowed persistent US-China trade tensions and bolstered both technology and major mining stocks. Agnico Eagle and Barrick Gold saw approximately 2.5% gains as gold prices reached new heights. Technology stocks sensitive to interest rates outperformed, with Shopify climbing over 1% and Celestica soaring by more than 4%. The US earnings season began on a strong note, particularly with major banks, and this optimism extended to Canadian financial stocks, pushing domestic bank shares higher. Meanwhile, markets kept a close watch on the trade dispute between the US and China, especially after President Donald Trump threatened a cooking-oil embargo in response to Beijing's decision not to purchase US soybeans.