A widespread surge propelled Canada’s primary stock index to a new all-time high on Monday. The energy sector spearheaded an early uptrend on the TSX, while healthcare and technology sectors experienced a decline.
Despite initial concerns about a potential recession at the start of the month, the Dow Jones Industrial Average closed the last trading week with a record high. However, losses in the technology sector weighed down the Nasdaq and S&P 500 index. Market participants appear to have moved past the earlier sell-off and are now focusing on potential rate cuts from the Federal Reserve. Trading was inactive in the U.K. due to the summer bank holiday.
The Canadian dollar was traded at 74.18 cents U.S., compared to 74.01 cents U.S. on Friday. U.S. crude futures increased by $2.34 to $77.17 per barrel, while the Brent contract rose by $2.26 to $81.28 per barrel. The price of gold also saw an increase of US$3.19 to US$2,518.95.
In global markets, the Nikkei fell by 254.05 points to 38,110.22, the Hang Seng rose by 186.63 points to 17,798.73, the FTSE remained at 8,327.78, and the DAX dropped by 16.08 points to 18,617.02.
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