After four consecutive losing sessions, Canada’s main stock index rallied on Thursday, but investors remained cautious following a softer-than-expected US inflation report, which bolstered trader sentiment that the Federal Reserve could cut interest rates soon. Cannabis stocks didn’t see any growth, even after the US President signed an executive order to fast-track the reclassification of cannabis, moving it from Schedule I to Schedule III to allow the FDA to study it for medical purposes.
Oracle (NYSE:ORCL) stock was flat after the Financial Times revealed that the company’s main backer withdrew from its US$10-billion Michigan data centre project. The news sparked concerns over the steep capital costs tied to large-scale data centre investments, weighing on market sentiment and dragging several chipmakers lower in sympathy throughout the session.
| TSX | 31,440.85 | +190.83 |  |
| TSXV | 942.08 | +9.62 | |
| CSE | 166.47 | -18.02 |  |
| DJIA | 47,951.85 | +65.88 | |
| NASDAQ | 23,006.36 | +313.04 | |
| S&P 500 | 6,774.76 | +53.33 | |
The Canadian dollar traded for 72.57 cents US compared to 72.54 cents US on Wednesday.
US crude futures traded $0.29 higher at US$56.10 a barrel, and the Brent contract rose $0.22 to US$59.90 a barrel.
The price of gold was down US$7.18 to US$4,334.40.
In world markets, the Nikkei was down 510.78 points to ¥49,001.50, the Hang Seng was up 29.35 points to HK$25,498.13, the FTSE was up 63.45 points to ₤9,837.77, and the DAX was up 238.91 points to €24,199.50.
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