Canada’s main stock index posted a triple-digit gain on Friday as investors adopted a cautious stance given the latest domestic GDP figures and a key US inflation report. Market participants are closely watching these indicators for signals on potential interest rate cuts in both countries. Statistics Canada reported that the country’s GDP slowed by 1.6 per cent in the last quarter.
Meanwhile, US stocks declined as traders awaited fresh inflation data to gauge the health of the economy. Despite the dip, all three major indexes remain near record highs, capping off a strong month of gains. The Personal Consumption Expenditures index reported that prices across the US rose at an annual rate of 2.6 per cent last month, the same as in June and in line with what economists expected.
Nvidia (NASDAQ:NVDA) shares continued their downward trend, slipping 3.32 per cent following a Wall Street Journal report that Chinese e-commerce giant Alibaba (NYSE:BABA) has developed a more advanced chip. This move comes as Alibaba seeks to fill the void left by Nvidia, which has faced restrictions on selling its chips in China.
Interestingly, Alibaba’s US-listed shares rose 12.90 per cent. Earlier this month, former President Donald Trump brokered a deal allowing Nvidia to resume sales of its H20 chips in China. However, the Chinese government has since instructed domestic tech firms to stop purchasing these chips, citing national security concerns.
| TSX | 28,564.45 | +129.65 |  |
| TSXV | 829.57 | +12.19 | |
| CSE | 166.90 | -0.75 |  |
| DJIA | 45,544.88 | -92.02 | |
| NASDAQ | 21,705.16 | -249.61 | |
| S&P 500 | 6,460.26 | -41.60 | |
The Canadian dollar traded for 72.78 cents US compared to 72.73 cents US on Thursday.
US crude futures traded $0.58 lower at US$64.02 a barrel, and the Brent contract lost $0.50 to US$68.12 a barrel.
The price of gold was up US$33.30 to US$3,448.41.
In world markets, the Nikkei was down 110.32 points to ¥42,718.47, the Hang Seng was up 78.80 points to HK$25,077.62, the FTSE was up 29.48 points to ₤9,187.34, and the DAX was down 137.71 points to €23,902.21.
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