TSX Hits Record High on Technology Boost

Stocks in Toronto rose on Monday, lifted by technology and mining shares, while investors assessed the latest U.S. tariff threats.

The TSX Composite Index leaped 110.74 points to 27,133.99, to hit a fresh intraday high.

The Canadian dollar eked higher 0.02 cents at 73.08 cents U.S.

U.S. President Donald Trump on Saturday announced a 30% tariff on most imports from the EU and Mexico starting August 1, despite ongoing trade negotiations.

Trump had issued a letter late on Thursday implementing a 35% tariff rate on Canada, adding that the rate would go up if Canada retaliated.

Exclusion for goods covered by the United States-Mexico-Canada Agreement on trade are expected to stay, while the 10% tariffs on energy and fertilizer are also not set to change.

On TSX, technology shares rose led by a slight rise in bitcoin miner Bitfarms to $1.47, as the cryptocurrency hit a record high on Monday.

Industrial stocks rose led by Thomson Reuters shares that hit a record high and were last up $23.06, or 8.5%, at the top of the index at $295.51.

Miners Aya Gold & Silver was up 32 cents, or 2.4%, to $13.78, SSR Mining added 22 cents, or 1.3%, to $17.51 and Orla Mining advanced 50 cents, or 3.2%, to $15.85.

On Monday, domestic trade data showed that wholesale trade grew by 0.1% in May from April on higher sales in the personal and household goods subsector.

Almonty Industries is set for Nasdaq debut on Monday following a $90-million U.S. IPO. Shares of the tungsten concentrate producer, however, fell $1.20, or 15.4%, to $6.62.

On the macroeconomic scene, Statistics Canada says wholesale trade for May edged up 0.1% to $84.2 billion.

ON BAYSTREET

The TSX Venture Exchange edged up 1.91 points to 785.71.

Eight of the 12 TSX subgroups were higher midday, with information technology up 1.2%, while real-estate jumped 0.9%, and industrials triumphed 0.8%.

The four laggards were weighed most by energy, sagging 1%, telecoms, down 0.4%, and health-care, off 0.2%.

ON WALLSTREET

Stocks were little changed Monday even after President Donald Trump threatened high tariffs on more countries over the weekend. Losses were kept in check as investors bet those duties will eventually be negotiated down and looked ahead to a busy week for second-quarter earnings season.

The Dow Jones Industrials sank 10.13 points lunch time Monday at 44,361.38.

The S&P 500 crept up 1.55 points to 6,261.05.

The NASDAQ Composite gained 48.51 points to 20,634.03.

Investors continue to monitor ongoing updates on the tariff front, after Trump announced Saturday that the U.S. will impose 30% tariffs on the European Union and Mexico starting Aug. 1. Leaders of the EU and Mexico indicated they intend to keep talking with the Trump administration this month in an attempt to agree on a lower rate.

Trump’s announcement comes ahead of inflation readings this week, which will give investors a better sense of how the Trump tariffs already in effect are being felt throughout the economy.

Eyes are on a slew of earnings reports set to roll out this week. Major banks, including JPMorgan Chase, will deliver quarterly reports starting Tuesday.

Prices for the 10-year treasury fell, raising yields to 4.44% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.

Oil prices pointed higher $1.13 to $67.32 U.S. a barrel.

Gold prices swooned $11.30 at $3,352.70 U.S. an ounce.

Hope for Lower Tariffs Moderate Stock Readings