TSX Rises on Lower Fed Rate Hike Bets

2026-09-03 20:29 By Isabela Couto 1 min. read

The S&P/TSX Composite Index rose 1.5% to close at 36,633 s as bets on a US Fed rate hike in September eased.

US Fed Governor Waller said that he was inclined to be patient on monetary policy while monitoring whether price pressures continue to ease.

Following his comments, markets trimmed expectations for a Fed rate hike, while both Canadian and US government bond yields retreated from their 2025 highs.

Banks advanced, with RBC up 1.6% and both BMO and CIBC gaining 1.8%.

Gold prices rose, driving miners higher.

Agnico Eagle jumped 5%, Barrick gained 3.1%, and WPM added 3.7%.

Technology stocks posted sharp gains amid a rally in US hyperscalers.

Shopify rose 2.3%, while Celestica soared 11.3% as hyperscaler capital expenditure continued to fuel rapid expansion in high-performance AI computing and enterprise hardware.

Meanwhile, despite the BoC keeping rates unchanged on Wednesday, Governor Macklem said policymakers were prepared to raise rates if inflation remained elevated.



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TSX Rises on Lower Fed Rate Hike Bets
The S&P/TSX Composite Index rose 1.5% to close at 36,633 s as bets on a US Fed rate hike in September eased. US Fed Governor Waller said that he was inclined to be patient on monetary policy while monitoring whether price pressures continue to ease. Following his comments, markets trimmed expectations for a Fed rate hike, while both Canadian and US government bond yields retreated from their 2025 highs. Banks advanced, with RBC up 1.6% and both BMO and CIBC gaining 1.8%. Gold prices rose, driving miners higher. Agnico Eagle jumped 5%, Barrick gained 3.1%, and WPM added 3.7%. Technology stocks posted sharp gains amid a rally in US hyperscalers. Shopify rose 2.3%, while Celestica soared 11.3% as hyperscaler capital expenditure continued to fuel rapid expansion in high-performance AI computing and enterprise hardware. Meanwhile, despite the BoC keeping rates unchanged on Wednesday, Governor Macklem said policymakers were prepared to raise rates if inflation remained elevated.
2026-09-03
TSX Advances as Miners Rally
The S&P/TSX Composite Index rose nearly 1% to trade above 36,000, supported by mining stocks. Miners advanced as gold prices climbed, with Agnico Eagle up nearly 3%, Barrick gaining over 2% and WPM adding 2.5%. Other outperformers included Kinross (+3%), First Quantum (+2.5%) and Lundin (+3%). Banking stocks also traded higher despite hawkish remarks from BoC Governor Tiff Macklem following Wednesday’s rate decision. RBC, BMO, Scotiabank and CIBC gained more than 0.5%. Technology stocks were mostly higher, tracking gains among Wall Street’s hyperscalers, with Shopify up over 1.5% and Celestica rising 3%. Dollarama (+1.2%) and Weston (+0.5%) also advanced despite Canadian services activity recording its steepest decline since February, while ATD fell nearly 2%.
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TSX Futures Rise on Commodity Producers
Futures tracking Canada’s stock market moved higher on Thursday with support from commodity producers. Gold climbed, lending support to mining stocks. Oil prices also rose amid evolving strikes in the Middle East, supporting energy producers but pressuring credit-sensitive sectors such as financials as inflationary pressures intensified. The Bank of Canada left its key rate unchanged on Wednesday, but Governor Tiff Macklem said policymakers were prepared to hike rates multiple times if inflation remained elevated. Meanwhile, rising global yields have pressured equities this week as markets reassessed interest-rate expectations amid escalating tensions in the Middle East. Elsewhere, BRP’s DOO second-quarter revenue beat estimates. Canada’s merchandise trade surplus with the world narrowed from C$4.2 billion in June to C$769 million in July amid an escalation in the US-Canada trade war in recent weeks.
2026-09-03