Canada’s main stock index edged higher in choppy trading on Thursday, as investors welcomed strong quarterly results from technology giants Microsoft and Meta amid economic uncertainty.
The Toronto Stock Exchange’s S&P/TSX composite index mirrored gains in Wall Street peers, rising 0.13% to 24,874.59 points. Positive quarterly results from major technology companies helped calm the market, offering investors hope that their significant investments in the tech sector would help them navigate the fallout from sweeping U.S. tariffs.
“It’s going to be all about tech and earnings,” said Angelo Kourkafas, investment strategist at Edward Jones Investments. “There is some renewed excitement around artificial intelligence, which may boost performance in the tech sector overnight.”
Meanwhile, a social media account affiliated with Chinese state media reported that the U.S. had approached China seeking talks over President Donald Trump’s 145% tariffs, potentially signaling Beijing’s openness to negotiations. White House economic adviser Kevin Hassett expressed hope for progress with China on trade, citing “loose discussions” between both governments.
On the TSX, the information and technology sector was up 1.4%, mirroring gains in U.S. peers. Celestica topped the index with a 6.8% rise. Conversely, mining stocks fell 2.5% as gold dipped to a two-week low, pressured by signals of softening trade tensions and a holiday in top consumer China.
Canadian manufacturing activity contracted in April at the steepest rate since shortly after the start of the COVID-19 pandemic, as the uncertain nature of U.S. trade policy weighed on production and new orders. Thomson Reuters shares gained 1.4% after the company reaffirmed its 2025 financial forecast amid global economic turmoil.
