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Energy stocks help nudge S&P/TSX composite higher as indexes ‘tread some water’

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Energy equities nudged up Canada’s main stock index on Tuesday, balancing out a slight drop in the technology and industrial sectors. The S&P/TSX composite index closed up 23.42 points at 21,611.30.

Energy equities nudged up Canada’s main stock index on Tuesday, balancing out a slight drop in the technology and industrial sectors.In New York, the Dow Jones industrial average was up 56.76 points at 38,834.86. The S&P 500 index was up 13.80 points at 5,487.03, while the Nasdaq composite stayed virtually flat with a 5.21-point increase to 17,862.23.

Nasdaq-listed Nvidia, the maker of computer chips that can power AI, passed Microsoft to become the most valuable U.S. company at over $3 trillion. However, the softer demand may ease pressure on consumer prices, “which allows the Bank of Canada to continue on with rate cuts and allows the to potentially execute its first rate cut this year,” Fehr said.

“We've seen a little bit of weakness more recently as well in cyclical areas like energy and financials, which is where the TSX is more heavily weighted.”

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