Canada's main stock index eclipsed the previous session's record high on Wednesday, as heavyweight financial shares rose after positive results from the National Bank of Canada and the Bank of Montreal.
The TSX Composite Index eased 13.45 points from Tuesday’s all-time high, to 26,255.55.
The TSX is set for a robust monthly gain, as easing global trade concerns boosted risk appetite.
Bank of Montreal gained $2.93, or 2%, to $147.79, after Canada's third largest lender beat analysts' profit estimates in the second-quarter.
National Bank of Canada triumphed $4.43, or 3.4%, to $133.79 after it reported a rise in second-quarter profit.
For its part, Nvidia is expected to report a 66.2% surge in first-quarter revenue, according to data compiled by LSEG; investors will be scrutinizing the AI bellwether's spending levels.
The Canadian dollar faded 0.05 cents to 72.36 cents U.S.
Definity Financial Corporation has agreed to acquire most of Travelers Canada for $3.3 billion, making it the fourth largest property and casualty insurer in Canada. Definity shares sprinted $7.94, or 11.4%, at $77.35.
ON BAYSTREET
The TSX Venture Exchange let go of 6.29 points to pause for lunch at 696.62.
The 12 TSX subgroups were evenly split by noon hour EDT, as health-care advanced 0.8%, consumer staples surged 0.6%, and financials were richer 0.2%.
The half-dozen laggards were weighed most by telecoms, down 0.8%, while utilities and materials each settled 0.4%.
ON WALLSTREET
Stocks edged lower on Wednesday as investors parsed the latest earnings reports while awaiting Federal Reserve meeting minutes and Nvidia’s quarterly figures.
The Dow Jones Industrials retreated 126.17 points to reach noon hour Wednesday at 42,217.48.
The S&P 500 dropped 14.04 points to 5,907.50
The NASDAQ Composite faded 21.79 points to 19,177.38.
Okta shares plunged 11% after the identity management software company kept its guidance due to macroeconomic uncertainty. On the other hand, Abercrombie & Fitch gained more than 31% and Macy’s climbed more than 1%, following better-than expected quarterly reports.
Nvidia is set to report earnings after the bell. Investors will be paying close attention to what China restrictions will mean for the artificial intelligence chipmaker, which sees no slowing in demand for its graphics processors. Shares were little changed during the session.
At 2 p.m. ET, the Fed is expected to release the minutes from its May meeting. Wall Street will look for clues into how central bank officials are thinking through monetary policy at a time of greater macroeconomic uncertainty.
Investors are coming off a strong session. The 30-stock Dow rallied more than 700 points, or about 1.8%, while the S&P 500 rose 2%, each ending a four-day losing streak. The NASDAQ Composite advanced roughly 2.5%.
Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.
Prices for the 10-year Treasury sagged to open Wednesday, boosting yields to 4.49% from Tuesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices rebounded $1.42 to $62.31 U.S. a barrel.
Prices for gold dipped $7.20 to $3,293.20.
Stocks Tick Lower as Nvidia in Focus
