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Canada’s main stock exchange was slightly higher on Wednesday, staying just below the 30,000 mark. The S&P/TSX 60 index futures rose 1.96 points, or 0.11%, by midday. The broader S&P/TSX composite gained 17 points to 29,824.26.
On Tuesday, the index had dipped 0.5% to 29,815.63 after briefly crossing 30,000 during the session. The Canadian market has done well this year, climbing over 20% in 2025 and setting several record highs in recent weeks.
The market’s positive mood was supported by last week’s Bank of Canada rate cut of 25 basis points. Rising gold prices also helped shares of metal miners. These trends eased some concerns about Canada’s exposure to U.S. import tariffs.
U.S. stocks were higher too. The Dow Jones rose 70 points, or 0.2%, the S&P 500 gained 8 points, or 0.1%, and the Nasdaq climbed 60 points, or 0.3%. Stocks steadied after a negative session, snapping three straight record high closes. Technology stocks had weighed on the market earlier, and investors are also watching the possibility of a U.S. government shutdown as spending talks stall.
Federal Reserve Chair Jerome Powell made cautious comments on Tuesday. He said there is no “risk-free path” for the Fed as it works to control persistent inflation while keeping the labor market stable. Powell noted that U.S. economic growth has slowed this year and inflation remains above the Fed’s 2% target.
Powell warned that cutting rates too quickly could cause inflation to rise again. The Fed cut rates by 25 basis points last week, and markets had expected at least two more cuts this year. Powell’s caution has tempered expectations for further easing. He also noted that stock prices are “fairly highly valued,” prompting some profit-taking after recent gains in tech.
Weak September purchasing managers index data added to concerns about slower growth in both manufacturing and services. Investors are now waiting for more U.S. economic data this week. A final reading of second-quarter GDP is due Thursday, and the personal consumption expenditures price index will be released Friday. Core PCE inflation remains above the Fed’s 2% target and will influence expectations for future rate cuts.
In corporate news, Micron Technology shares rose after a strong quarterly report. Demand for DRAM and NAND chips from AI developers helped boost earnings. Chinese e-commerce giant Alibaba also made headlines by unveiling its most powerful AI model yet, called Qwen3-Max, and announcing further investment in AI infrastructure.
Gold prices stayed near record highs. Powell’s comments on the economy and inflation pushed investors toward safe-haven assets. Lower interest rates make non-yielding assets like gold more attractive. Spot gold was flat at $1,762.75 an ounce, and futures fell slightly to $1,795.20.
Oil prices edged up as U.S. crude inventories fell. Brent crude rose 1.0% to $68.33 a barrel, while U.S. West Texas Intermediate climbed 1.1% to $64.11. The American Petroleum Institute reported a 3.82 million-barrel decline in crude stocks and a 1.05 million-barrel drop in gasoline inventories. Official government energy data is expected later Wednesday.