FX.co ★ TSX Sets Record High

The S&P/TSX Composite Index inched up to reach a new peak at 26,870 on Wednesday. This came as investors weighed lukewarm economic indicators from both Canada and the US against advances made in trade discussions between the two nations. Canada's announcement to eliminate all retaliatory tariffs by July 9th—following the repeal of last week's digital services tax—failed to make a significant impact, with attention remaining on Canada’s stagnant preliminary GDP figures for May and an unexpected reduction of 33,000 jobs in the US in June, which nudged Treasury yields slightly upwards. From a sector perspective, communications and materials were at the forefront of the gains. Rogers Communications surged 7.2% following an upgrade in its price target by BMO, while Teck Resources and First Quantum Metals rallied between 3% to 3.7% due to a favorable outlook for copper. Additionally, Bombardier's shares skyrocketed 21.4% after securing an order for 50 aircraft. Conversely, the technology sector lagged, with BlackBerry's shares dropping 8.2% amid restructuring concerns. Defensive stocks such as Waste Connections, Great-West Lifeco, and Cameco also saw declines exceeding 3.5%.