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Canada’s main stock index pushed higher on Wednesday, lifted by energy shares and a surge in mining stocks, propelling the benchmark to a fresh all-time high. The S&P/TSX composite index gained 101 points, or 0.35%, to close at 29,164.72. Futures on the S&P/TSX 60 rose 0.31%. The move followed a modest gain in the prior session that had already taken the index to record territory.
Energy stocks were the day’s standout, climbing 1.6% as oil prices advanced sharply. The rally came after the Israeli military said it had targeted Hamas leaders in Qatar, raising geopolitical tensions in the Middle East. Shares of Teck Resources soared 11.5% after the miner announced plans to merge with Anglo American in a deal that would create a global copper powerhouse.
South of the border, U.S. stocks were mixed but held near record highs as investors weighed a fresh round of inflation data and earnings. By midday, the Dow Jones Industrial Average slipped 0.2%, while the S&P 500 added 0.5% and the Nasdaq Composite also gained 0.5%.
Investor sentiment was supported by new signs of cooling inflation. U.S. factory-gate prices unexpectedly fell in August, with the producer price index slipping 0.1% versus expectations for a 0.3% rise. The weaker-than-expected reading has bolstered expectations that the Federal Reserve will cut interest rates at its September 16–17 meeting. Traders now see a near-certain chance of a 25 basis-point reduction, with odds of a bigger half-point cut also climbing.
A downward revision to U.S. employment figures for the year through March further reinforced the view that the labor market is cooling, possibly even before the White House introduced steep import tariffs in April. Treasury yields edged higher, reflecting shifting rate expectations.
In corporate news, Oracle shares jumped more than 28% in premarket trade after delivering an upbeat earnings outlook fueled by strong demand for artificial intelligence-driven services. The company now sees its cloud infrastructure business generating more than $500 billion in booked revenue, underpinned by major deals with firms including OpenAI. The bullish guidance lifted other AI-linked names, while Apple slipped after unveiling its new iPhone 17 lineup, including a slimmer “iPhone Air” model starting at $999.
Commodities also saw strong moves. Oil prices rose more than 2% as Middle East tensions escalated and the U.S. pushed Europe to impose steeper tariffs on Indian and Chinese purchases of Russian energy. Brent crude traded at $67.71 per barrel, while U.S. WTI stood at $63.97.
Meanwhile, gold held just under record highs, trading at $3,683.20 per ounce. The metal has gained nearly 40% this year, supported by safe-haven demand and expectations of looser U.S. monetary policy. Analysts at ING said rate cut bets will remain the key driver of bullion’s direction in the near term.
Elsewhere, Poland said it shot down Russian drones that entered its airspace during a broad attack on Ukraine, an incident Warsaw labeled as an “act of aggression.” The news underscored the fragile geopolitical backdrop that continues to drive moves in global markets.