Toronto's main stock index gained at the market open as a rise in commodity prices lifted materials and energy stocks, while investors awaited a slew of economic data coming in this week from Canada and the United States.
The TSX zoomed 167.25 points to open Monday at 20,003.
The Canadian dollar added 0.1 cents to 73.63 cents U.S.
Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal, Bank of Nova Scotia and National Bank of Canada, reporting this week.
Shares in BMO climbed $1.29, or 1.2%, to $113.45. Scotiabank shares began the day up 58 cents to $62.70. National shares captured a dollar, or 1%, to $99.16.
ON BAYSTREET
The TSX Venture Exchange eked up 0.12 points to 581.35.
All but one of the 12 TSX subgroups prospered during the first hour, with energy rumbling 1.7%, materials surging 1.1%, and gold soaring 1%.
Only consumer staples missed out, losing 0.02%.
ON WALLSTREET
Stocks rose Monday to kick off the final trading week of August, boosted by gains in tech.
The Dow Jones Industrials leaped 265.34 points to register at 34,612.24 Monday.
The S&P 500 index hiked 31.77 points to 4,437.48.
The NASDAQ index popped 118.77 points to 13,709.42.
Tech favorite Tesla added 0.4%, recovering some of its August losses. The stock is down 9% month to date. Meta, Microsoft and Alphabet were also higher.
Those moves come as tech tries to regain its footing late in August. A second-consecutive blowout earnings report from chipmaker Nvidia may be turning the tide.
Outside of tech, Shares of 3M popped more than 6% after a Bloomberg News report that the company was ready to settle lawsuits alleging some earplugs were faulty.
Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would “proceed carefully” with additional hikes.
As of Monday morning, traders were pricing in a nearly 20% chance that the Fed will hike rates again at its upcoming September meeting, according to CME Group’s FedWatch tool.
Prices for the 10-year Treasury gained a bit, lowering yields to 4.22% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices gushed 51 cents to $80.34 U.S. a barrel.
Gold prices gained $5.90 to $1,945.80 U.S. an ounce.
Techs Lead Market Upward
