Canada’s S&P/TSX Composite Index slipped 0.18% in early trade on Thursday, retracing from a record close as mixed bank earnings offset gains in technology shares.
The index fell 65.17 points to 36,748.48 at 9:41 a.m. ET, following a 0.39% decline the prior session. Analysts at Reuters noted the index is expected to ease further from its all-time peak through 2026, based on a recent survey.
U.S. equities advanced, with the S&P 500 up 0.4% to 7,704.51, the Nasdaq Composite rising 0.9% to 26,371.02, and the Dow Jones Industrial Average gaining 0.3% to 53,613.66. Nvidia led gains, climbing more than 7% after the bell, as the chipmaker reported quarterly revenue more than doubling from a year ago on strong data center demand. The company projected 70% revenue growth for fiscal 2028, exceeding current estimates.
Canadian financials were mixed. Toronto-Dominion Bank posted a sharp rise in third-quarter profit, while Canadian Imperial Bank of Commerce and Royal Bank of Canada reported solid results. National Bank of Canada’s shares lagged after it disclosed higher-than-anticipated loan loss provisions, weighing on sentiment.
Oil futures hovered near flat, with Brent and WTI crude down over 6% over the past week. Gold steadied ahead of a speech by Federal Reserve Chair Kevin Warsh, tracking a weekly gain of more than 1%. Analyst David Morrison of Trade Nation highlighted gold’s strengthening inverse correlation with the U.S. dollar.
Geopolitical risks weighed on broader risk appetite. The U.S. tightened sanctions on Iran and warned against trade with the country, while reports suggested a potential U.S.-Iran ceasefire deal and progress on shipping routes through the Strait of Hormuz. Pakistan was cited as a regional mediator in ongoing talks.
The Federal Reserve’s Jackson Hole symposium remains in focus, with markets parsing signals on a possible September rate decision amid energy-driven inflation concerns.
