TSX Rides Tech Wave Higher

Markets in Toronto moved once again into the Stratosphere Wednesday, on the strength of tech and financial issues.

The TSX Composite Index hiked 98.83 points to close Wednesday at 27,152.97

The Canadian dollar gained 17 cents at 73.07 cents U.S.

In company news, Aura Minerals said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. Aura shares dipped $2.17, or 6.1%, to $33.25.

Equinox Gold Corp rose eight cents, or 1% to $8.48, after TD upgraded the company's rating. Lundin Gold fell $1.65, or 2.4% to $65.92, after TD cut its rating.

Cogeco Communications stumbled $6.02, or 8.5%, to $64.88 after the telecommunications company reported lower revenue and earnings.

Tech stocks jumped, primarily Shopify, up $6.26, or 4%, to $164.12, while Coveo Solutions took on 27 cents, or 3.5%, to $7.98.

Among financials, Brookfield Asset Management shot higher $3.31, or 4.3%, to $81.17, while Brookfield Corporation progressed $3.15, or 3.6%, to $90.02.

Energy shares did not fare so well, however, as Advantage Oil shed 26 cents, or 2.2%, to $11.33, while shares in Arc Resources retreated 64 cents, or 2.3%, to $26.83.

Trade tensions remained in focus after U.S. President Donald Trump announced a 19% tariff on Indonesian goods as part of a new deal, one of several agreements ahead of an August 1 deadline for broader tariff hikes.

On the economic front, the Canadian Real Estate Association reported the number of home sales recorded over Canadian MLS® Systems rose 2.8% on a month-over-month basis in June 2025, building on the 3.5% gain recorded in May.

Canada Mortgage and Housing Corporation reported housing starts numbered 283,700 in June, up from 282,700 in May.

ON BAYSTREET

The TSX Venture Exchange moved higher 4.04 points to 786.81.

The 12 TSX subgroups were evenly split by the close, as information technology sprang 1.5%, while financials triumphed 0.8%, and consumer staples progressed 0.6%.

The half-dozen laggards were weighed most by energy, down 1.1%, while materials faded 0.7%, and industrials lost 0.2%.

ON WALLSTREET

Stocks went on a wild ride Wednesday as a White House official indicated President Donald Trump was moving closer to firing Jerome Powell as Federal Reserve chairman, initially knocking down the S&P 500.

The benchmark rebounded as Trump later denied the report, but traders remained concerned he could follow through.

The Dow Jones Industrials hurtled 231.49 points to close Wednesday at 44,254.78

The S&P 500 index recovered 19.94 points to 6,263.76.

The NASDAQ Composite surged 52.69 points to 20,730.49, posting its ninth record close of the year.

A White House official told reporters that Trump said to GOP lawmakers that he would remove Powell as Fed chair. “The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” said the official.

Separately, the New York Times reported that Trump has gone so far to draft a letter for firing Powell and showed it to lawmakers during that meeting. A set timeline for Powell’s dismissal does not appear imminent, however, the official told the media.

For weeks, Trump has been pushing for Powell’s ouster, calling for the Fed to lower rates substantially. On Tuesday, he said the Fed should cut rates by three percentage points.

However, Powell earlier this month confirmed that the central bank would have already eased monetary policy were it not for tariffs imposed by the Trump administration.

Prices for the 10-year treasury gained ground, pushing down yields to 4.45% from Tuesday’s 4.49%. Treasury prices and yields move in opposite directions.

Oil prices restocked 18 cents to $66.70 U.S. a barrel.

Gold prices brightened $18.00 to $3,354.70 U.S. an ounce.