TSX Hits Second Straight Record

The S&P/TSX Composite Index rose 1% to close at a record 36,146 on Wednesday, marking its second consecutive record close. Shopify led gains, soaring 16.5% for its biggest one-day advance in a year after issuing an upbeat revenue outlook that signaled its AI initiatives were attracting more merchants to its e-commerce platform. Mining stocks also rallied as gold prices surged on hopes of a US-Iran peace deal, easing inflation concerns. Agnico Eagle jumped 9.6%, Barrick gained 7.2%, WPM rose 7.2%, Kinross advanced 8.6%, and Eldorado Gold climbed 12.8%, while other miners gained between 1.2% and 10%. Meanwhile, Thomson Reuters fell 10.2% despite beating second-quarter profit and revenue estimates and raising its annual revenue growth forecast. Manulife Financial (-0.9%) and Nutrien (-0.3%) edged lower ahead of their earnings.

The S&P/TSX Composite Index rose more than 1.5% to trade above 36,000 on Wednesday, reaching a fresh record as investors digested another round of corporate earnings. Shopify surged about 20% after reporting second-quarter revenue of $3.58 billion, up 34% from a year earlier, beating forecasts and guiding for stronger third-quarter growth than Wall Street expected. Thomson Reuters gained nearly 1% after posting a 9% increase in second-quarter revenue, topping estimates, and raising its full-year organic revenue growth forecast to around 8%. Manulife Financial (-1%) and Nutrien (-0.2%) are set to report earnings later today. Lower oil prices continued to weigh on energy stocks, with Suncor down 1% despite beating adjusted profit estimates. Meanwhile, higher gold prices lifted miners, with Agnico Eagle up nearly 7%, Barrick adding 5%, and WPM gaining 6%.

Futures tracking the S&P/TSX Composite Index rose on Wednesday as investors focused on a fresh batch of corporate earnings. Shopify reported second-quarter revenue of $3.58 billion, up 34% from a year earlier, beating forecasts and guiding for third-quarter growth above Wall Street expectations. The company's US-listed shares surged in premarket trading. Thomson Reuters also reported a 9% increase in second-quarter revenue, topping estimates, and raised its full-year organic revenue growth forecast to around 8%. Manulife Financial and Nutrien are set to report earnings later today. On Tuesday, Suncor beat estimates for adjusted second-quarter profit. Meanwhile, gold prices climbed, supporting mining stocks, as investors assessed reports of an imminent deal to reopen the Strait of Hormuz, which could ease inflation concerns and reduce the likelihood of near-term Federal Reserve rate hikes.