Stocks in Toronto climbed to near-record levels Tuesday, the first session after the Victoria Day long weekend, as resource and consumer stocks led the charge.
The TSX Composite Index hiked 83.7 points to conclude Tuesday at 26,055.63.
The Canadian dollar recovered 0.22 cents at 71.86 cents U.S.
On Sunday, U.S. Vice President J.D. Vance discussed fair trade policies with Prime Minister Mark Carney in Rome, Vance’s office said in a statement, as the two nations try to resolve a dispute over tariffs.
Today, finance leaders from the Group of Seven industrialized democracies will meet in Canada. They will strive for unity on non-tariff issues, but may have trouble reaching consensus with a Trump administration intent on pushing allies to serve U.S. interests.
Gold led the parade of winners, with B2Gold up 36 cents, or 8.7%, to $4.48, while New Gold flew 45 cents or 8.6%, to $5.71.
Materials were also in the green, with Calibre Mining hiking 22 cents, or 7.6%, to $3.11, while Endeavour Silver gained 34 cents, or 7.5%, to $4.88.
In consumer staples, Jamieson Wellness galloped $1.50, or 4.3%, to $36.08, while North West Company captured $1.49, or 2.7%, to $56.88.
Health-care issues pointed downward, with Tilray capsizing five cents, or 7.4%, to 63 cents, while Chartwell Retirement Homes dumped 28 cents, or 1.5%, to $18.13.
Information technology stocks fell, with bitcoin miner Bitfarms leading declines in the subindex with a drop of four cents, or 2.5%, to $1.56. Elsewhere in tech, Shopify collapsed $2.88, or 4.4%, to $148.03.
Real-estate companies also sagged, with units of H&R REIT handing back 22 cents, or 2.2%, to $9.92, while RioCan REIT slipped 56 cents, or 3.2%, to $17.12.
On the economic slate, Statistics Canada’s Consumer Price Index rose 1.7% year over year in April, down from a 2.3% increase in March. On a seasonally adjusted monthly basis, the CPI fell 0.2% in April.
ON BAYSTREET
The TSX Venture Exchange popped 19.9 points, or 3%, to 692.74.
Seven of the 12 subgroups were in the green Tuesday, led by gold, surging 4.4%, materials, up 3.2%, and consumer staples, ahead 1.5%.
The five laggards were weighed most by health-care, backing off 1.9%, information technology, down 1.5%, while real-estate paled 0.7%.
ON WALLSTREET
Stocks slipped on Tuesday as the big tech-led rally lost steam.
The Dow Jones Industrials tumbled 114.89 points to 42,677.18.
The much-broader index fell back 23.14 points to 5,940.46, its first decline in seven sessions.
The NASDAQ Composite lost 72.75 points to 19,142.71.
Investors dumped tech stocks, which had led the run over the past six days. The sector was the worst-performing one in the S&P 500, losing around 0.9%. Nvidia lost 1%. Advanced Micro Devices, Meta Platforms, Apple and Microsoft were also lower on the day.
Tesla stock was trading 2% higher after CEO Elon Musk voiced his commitment to leading the electric vehicle maker for the next five years.
On Tuesday, President Trump was unable to sway key House Republicans to drop their oppositions to a major tax bill over a cap on deductions for state and local taxes. This opposition threatens to derail the tax legislation, which Trump was hoping to see passed before the upcoming Memorial Day weekend.
The moves come a day after the S&P 500 eked out a small gain to stretch its winning streak to six days. That’s its longest run since a nine-day streak that ended earlier this month.
Prices for the 10-year Treasury were up Tuesday, driving yields down to 4.48% after briefly surging past 5% on Monday. Treasury prices and yields move in opposite directions.
Oil prices declined seven cents to $62.62 U.S. a barrel.
Prices for gold rallied $62.00 to $3,295.50