RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
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Index Update: The benchmark S&P/TSX Composite Index ended with a gain of 175.14 points or 0.72% at 24,423.34, nearly 100 points off the day's high of 24,516.28.
Macro Update: The Bank of Canada today announced its widely expected decision to lower interest rates by another 25 basis points, making its seventh straight rate cut.
While the central bank noted Canadian economic growth has come in stronger than expected, it warned the pervasive uncertainty created by continuously changing U.S. tariff threats is restraining consumers' spending intentions and businesses' plans to hire and invest.
Data released by the Labor Department showed consumer prices in the U.S. increased by slightly less than expected in the month of February, edging up by 0.2%, after climbing by 0.5% in January. Economists had expected consumer prices to rise by 0.3%
Top Movers: Transcontinental Inc. shares climbed 7.1% and Propel Holdings rallied 6.1%. Bombardier Inc., Aura Minerals, MEG Energy Corp., Shopify Inc., Teck Resources, Celestica Inc. and Pan American Silver Corp gained 3 to 6%.
Our Stance: Despite this uptick, the index remains below its 21-period Simple Moving Average (SMA), signaling a prevailing downtrend and continued selling pressure. Momentum indicators reflect a cautious market sentiment. The key support level to monitor is 24,200, aligning with a critical horizontal trendline. Holding above this level could pave the way for stabilization and potential recovery.
Commodity Update: The dollar saw a slight rebound on Thursday, bolstered by rising U.S. Treasury yields, as markets grappled with the potential effects of an escalating global trade war on U.S. inflation and growth. President Trump’s threat of additional tariffs on European Union goods added to investor uncertainty, with major U.S. trading partners signalling retaliation. In the commodities market, gold rose by 0.20% to $2,952.55, silver gained 0.16% to $33.79, and copper surged 0.22% to $9,803.15. Meanwhile, Brent crude dropped 0.10% to $70.88, as concerns over the economic impact of tariffs outweighed positive U.S. gasoline stock data.
Technical Update: On Wednesday, the S&P/TSX Composite Index rose by 175.14 points (0.72%), closing at 24,423.34. The energy sector led the gains, climbing 1.71% amid renewed optimism in energy stocks. Despite this uptick, the index remains below its 21-period Simple Moving Average (SMA), signaling a prevailing downtrend and continued selling pressure. Momentum indicators reflect a cautious market sentiment, with the Relative Strength Index (RSI) at 38.95, nearing oversold territory. While this suggests the potential for a short-term rebound, downside risks remain. The key support level to monitor is 24,200, aligning with a critical horizontal trendline. Holding above this level could pave the way for stabilization and potential recovery. However, a breakdown below it may accelerate losses, with additional downside targets at 23,900 and 23,700.
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