Canada’s top stock index rallied on Thursday despite renewed concerns over inflated technology valuations—sparked by Oracle’s (NYSE:ORCL) disappointing earnings—overshadowing the widely anticipated interest rate cut by the US Federal Reserve. While mining led the gainers on the TSX, tech led the losers.
The tech-heavy NASDAQ lost weight after Oracle’s results rekindled worries about high-flying tech shares, despite the Fed’s latest rate reduction boosting markets in the previous session. Oracle shares fell 10 per cent after the cloud computing giant reported weaker-than-expected quarterly revenue and signalled higher spending ahead. The update intensified debate over how quickly tech firms can generate returns on their AI investments, with other AI-related stocks also trading lower.
| TSX | 31,660.73 | +169.88 |  |
| TSXV | 957.64 | +11.77 | |
| CSE | 154.01 | +2.83 | |
| DJIA | 48,704.01 | +646.26 | |
| NASDAQ | 23,593.86 | -77.67 |  |
| S&P 500 | 6,901.00 | +14.32 | |
The Canadian dollar traded for 72.61 cents US compared to 72.50 cents US on Wednesday.
US crude futures traded $0.65 lower at US$57.81 a barrel, and the Brent contract lost $0.70 to US$61.51 a barrel.
The price of gold was down US$77.43 to US$4,274.81.
In world markets, the Nikkei was down 453.98 points to ¥50,148.82, the Hang Seng was down 10.27 points to HK$25,530.51, the FTSE was up 47.63 points to ₤9,703.16, and the DAX was up 164.47 points to €24,294.61.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.