U.S. and Canadian equity markets were mixed in late morning trade on Wednesday, with U.S. technology stocks continuing to lead gains while Canadian equities remained under modest pressure due to weakness in energy and materials.
The S&P/TSX Composite Index traded slightly lower, weighed down by declines in banking and mining stocks. Financials softened as investors reassessed interest rate expectations, while gold and base metal producers pulled back amid weaker commodity pricing.
In earnings news - National Bank of Canada reported a second-quarter profit of $1.23 billion, up from $896 million a year ago, and raised its dividend. The Montreal-based bank said Wednesday it will now pay a quarterly dividend of $1.32 per share, an increase of eight cents per share.
ON BAYSTREET
The TSX Venture Exchange was down 4.94 points, or 0.49%, to 996.74.
Six of the 12 TSX subgroups were positive on Wednesday, led by telecom stocks, up 1.03%, consumer staple stocks were ahead 0.96% and consumer discretionary issues were up 0.86%.
On the downside - gold issues shed 2.17%, energy stocks dipped 1.97% and material issues sank 1.78%.
ON WALLSTREET
In the United States, the S&P 500 and Nasdaq Composite traded higher for much of the session, supported by continued strength in artificial intelligence and semiconductor stocks. Investors remain focused on companies tied to AI infrastructure, with chipmakers once again at the center of market momentum.
Memory and GPU-related names extended recent gains as expectations for sustained data-centre investment continued to drive bullish sentiment across the tech sector.
The Dow Jones Industrial Average lagged behind, trading near flat as gains in industrials were offset by weakness in defensive sectors such as healthcare and consumer staples. Market breadth remained moderately positive, though leadership was clearly concentrated in growth and technology stocks.
Energy markets also played a major role in shaping sentiment. Oil prices were volatile throughout the session as traders monitored geopolitical developments in the Middle East and ongoing uncertainty around supply routes. This added to inflation concerns but also supported selective strength in U.S. energy producers, which remained relatively firm compared to broader commodities.
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