Markets rallied broadly today even as oil prices stayed elevated, with strength in AI-related names lifting sentiment across the board. The TSX is climbed 0.82% and the TSX Venture Index gained 1.04%, while U.S. markets pushed higher too, with the Dow up 1.01% and the Nasdaq adding 1.00% on renewed enthusiasm for AI infrastructure plays. The FTSE 100 rose 0.71%, extending the positive tone globally.
Oil remains a wildcard, having leapt to its highest level since May and weighed on Wall Street earlier in the week, though today’s session saw investors look past the pressure. Gold jumped 1.70% and Bitcoin surged 3.05% to above C$109,000, while copper edged up 0.53%. Inflation data showing gas-price-driven price pressure has pushed Fed rate hike odds to 90%, and progress on reopening the Strait of Hormuz offered some relief even as the broader Iran conflict continues.
Market numbers
TSX: Up (+0.82%) 35,795.66
TSXV: Up (+1.04%) 940.57
DOW: Up (+1.01%) 52,582.3
NASDAQ: Up (+1.00%) 29,375.4
FTSE 100: Up (+0.71%) 10,673.46
In the headlines
- Oracle jumps 7% on AI cloud boom and improved cash burn: Oracle Corporation (NYSE:ORCL), the enterprise software and cloud infrastructure company, surged after reporting stronger AI cloud demand alongside a smaller-than-expected cash burn. The results reinforced investor confidence in Oracle’s position as a key beneficiary of the AI infrastructure buildout.
- AI leaders signal caution on pace of development: OpenAI, the artificial intelligence research company behind ChatGPT, told staff it is open to slowing its development timeline, according to a Bloomberg report, while Anthropic separately projected that AI could drive both 15% economic growth and significant job losses by 2030. The dual reports highlight growing tension in the industry between rapid AI advancement and its broader economic and labor market consequences.
- Novartis investors eye M&A after trial setbacks: Novartis (NYSE:NVS), the Swiss pharmaceutical giant, is drawing renewed investor attention toward potential acquisitions after recent clinical trial disappointments. Shareholders are pushing the company to pursue deal-making to reinvigorate its pipeline.
Currencies
USD: Down (-0.29%) $0.7206
GBP: Down (-0.37%) $0.5328
EUR: Down (-0.24%) $0.62121
JPY: Down (-0.87%) ¥110.689
AUD: Down (-0.57%) $1.0043
Bitcoin (BTC/CAD): Up (+3.05%) 109,176.6
(Conversion to C$1)
Commodities
Copper: Up (+0.53%) 6.57389
Gold: Up (+1.70%) 4,390.18
WTI: Down (-2.53%) 98.25
Natural Gas: Down (-0.49%) 2.818
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