Canada’s S&P/TSX Composite Index rose 0.55% to 30,203.84 on Wednesday, snapping a two-day losing streak as gold stocks surged and investors braced for Nvidia’s highly anticipated quarterly results.
With doubts growing over stretched valuations in tech and AI stocks, Nvidia’s Q3 earnings — due after U.S. markets close — are poised to set the tone for the AI-driven rally powering much of Wall Street’s gains this year.
“Everybody’s waiting for Nvidia,” said Allan Small of iA Private Wealth.
“It’s going to mean a lot for the tech area.”
Investors are also watching Thursday’s delayed U.S. labor report, which could validate job-market weakness and revive expectations for a Federal Reserve rate cut.
Gold led sector gains:
- Gold subindex up 2.9%
- Gold prices up 1% amid safe-haven demand
Later today, markets will listen closely to comments from Bank of Canada Deputy Governor Nicolas Vincent for clues on policy direction.
In corporate news:
- Bombardier gained 1.5% after J.P. Morgan raised its price target to C$215 from C$170
- Cenovus Energy fell 2.2% after announcing a $1.6B senior notes offering