Canada's main stock index opened higher on Monday, supported by technology ?stocks after Anthropic's IPO filing, while investors also awaited interest-rate ?decisions from the Bank of ?Canada and the US ?Federal Reserve ?due later this week.
The TSX regrouped 90.92 points to begin the week at 35,879.10
The Canadian dollar dipped 0.11 cents to 71.25 cents U.S.
Canada's benchmark index declined last week amid volatility ?in global equity markets, with a selloff in AI-linked stocks further weighing on investor sentiment ahead of rate decisions from the Fed and the ?Bank of Canada
Traders expect the Fed to keep rates on hold ?at its policy meeting next week, with a quarter-point hike priced in for December.
In Canada, the BoC ?is expected to raise its benchmark interest rate by ?25 basis points to 2.5% on Wednesday and deliver one more hike by the end of March, according to a Reuters poll of economists
Investors were also monitoring trade developments after U.S. President Donald Trump said on Sunday that he expected a trade dispute with Canada to be resolved "soon"
On the political front, the opposition Conservative Party won an election ?in British Columbia for the first time in nearly 100 years, provisional results showed on Sunday
ON BAYSTREET
The TSX Venture Exchange fell 0.97 points to 819.98.
Eight of the 12 subgroups gained ground, led by financials, better by 0.7%, industrials, up 0.6%, and information technology, up 0.5%.
The four laggards were weighed most by energy, doffing 0.9%, gold, sliding 0.5%, and materials, dropping 0.3%.
ON WALLSTREET
Stocks rose Monday, as semiconductors gained after Anthropic’s IPO filing revived some enthusiasm for the AI trade.
The Dow Jones Industrials recovered 156.91 points to 52,372.07.
The S&P 500 index gained 30.86 points to 7,654.54
The tech-heavy NASDAQ sprang up 107.30 points to 26,062.64.
Chip stocks and other AI-related shares rose as Anthropic publicly filed for an IPO, an offering investors are betting will add new life to the flagging tech rally.
The AI company reported $16.29 billion in revenue for the six months ended June, a 1,304% increase from $1.16 billion during the same period a year earlier. It plans to list on the NASDAQ under ticker symbol “ANT.”
Shares of Nvidia gained 1.4%, while Micron jumped 2.3% and Broadcom rose 1.5%. Advanced Micro Devices climbed 1.3%.
A slide in oil prices also bolstered the major averages. Brent futures fell 1.4% to trade at $115.02 a barrel, while U.S. West Texas Intermediate slid 2% to $101.01 per barrel.
Brent crude had hit its highest level since April last Friday amid news reports that the U.S. and Israel could be planning to launch strikes on Iran after the midterm elections.
Wall Street is coming off a losing week, following a spike in oil prices and a broadening sell-off that hit many market sectors. The S&P 500 and the NASDAQ notched back-to-back weekly losses.
Neocloud stocks pressured the market last week as well, as investors worried companies may be borrowing too much cash to expand their AI capabilities. Neocloud names fell again on Monday after Elon Musk said more than 200 companies in the space face “guppy-level death.”
Traders are awaiting the Federal Reserve’s decision on Wednesday. Fed funds futures trading suggests a 90% likelihood that policy makers will hold interest rates at the current target range of 3.75% to 4%
Prices for the 10-year Treasury was slightly higher, raising yields to 4.97% from Friday’s 5%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.78 to $101.49 U.S. a barrel.
Gold prices slid $12.00 to $4,019.90 U.S. an ounce.
