North American stock markets pushed higher Friday afternoon as investors balanced easing geopolitical tensions, resilient corporate earnings and continued enthusiasm surrounding artificial intelligence-related stocks.
In Canada, the TSX Composite Index traded modestly higher as gains in technology, industrial and mining shares offset weakness in some financial stocks. Energy producers were mixed after oil prices retreated from recent highs tied to Middle East tensions.
The Canadian market continued to benefit from strong investor appetite for commodities and large-cap industrial names, with the TSX remaining near record territory.
In economic news - Canadian GDP came in sharply below expectations in Q1, inching down 0.1% to mark a second consecutive quarterly decline following a 1% drop in Q4, and well below preliminary estimates that were pointing to growth closer to a 2% rate in Q1.
ON BAY STREET
The TSX Venture Exchange was up 5.36 points, or 0.53%, to 1,012.22.
Six of the 12 TSX subgroups were positive on Friday, led by tech stocks, up 4.88%, gold stocks were ahead 1.88% and material issues were up 1.62%.
On the downside - utility issues shed 1.12%, energy stocks dipped 1.11% and financial issues sank 0.44%.
ON WALL STREET
In the United States, the S&P 500 and Nasdaq hovered near fresh record highs, while the Dow Jones Industrial Average also traded firmly in positive territory.
Investor sentiment improved after reports suggested progress toward a potential ceasefire framework involving Iran, helping reduce fears of further disruption to global oil supplies.
Crude prices pulled back during the session, easing inflation concerns and supporting broader equity markets.
Technology shares once again led the market higher, fueled by strong earnings from Dell Technologies (DELL) and other AI-linked firms. Dell shares surged after the company reported explosive growth in demand for artificial intelligence servers, reinforcing optimism that AI spending remains one of Wall Street’s strongest growth themes.
NetApp and several software companies also posted sharp gains following upbeat quarterly results.
Markets were also supported by softer inflation data earlier this week, which strengthened expectations that the U.S. Federal Reserve could eventually shift toward interest rate cuts if price pressures continue to cool.
Treasury yields edged lower again Friday afternoon, helping growth and technology stocks outperform.
Investors are now turning their attention toward upcoming economic data and central bank commentary heading into June. Market participants remain optimistic that easing inflation and stable economic growth could extend the rally that has pushed North American equities to new highs throughout May.
Despite ongoing concerns surrounding trade disputes, tariffs and geopolitical uncertainty, traders largely focused on strong earnings momentum and improving risk appetite to close out the week on a positive note.
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