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Highlights
S&P/TSX futures moved higher ahead of key inflation readings in Canada and the U.S.
Market sentiment steadied despite new tariff rhetoric from the U.S. administration
Nvidia's AI chip announcement and activity in the crypto mining sector drew attention
Futures linked to the S&P/TSX Composite Index edged upward as attention turned toward key inflation reports in Canada and the United States. Movements in the S&P/TSX 60 mirrored cautious optimism, as markets weighed data-driven clues about upcoming monetary policy actions.
Canadian CPI in Focus
The release of Canada’s June consumer price index is expected to provide further direction for the Bank of Canada ahead of its next interest rate decision. Market participants are monitoring the data closely for signals about economic momentum and the pace of price changes across core sectors.
U.S. Inflation Data and Fed Outlook
U.S. consumer price data for June, also set to be published today, is likely to influence views on the Federal Reserve’s rate stance. Recent shifts in inflation have driven speculation around future policy moves, with particular attention on how the data aligns with the central bank’s stated objectives.
Trade Rhetoric and Global Market Reaction
The market showed resilience in the face of renewed trade rhetoric from U.S. President Donald Trump. Despite threats of new tariffs on the European Union and Mexico, broader investor sentiment remained focused on diplomatic developments. Trump’s indication of a willingness to engage with the EU and other partners helped ease concerns after his earlier aggressive stance.
Commodity Markets Steady
Gold prices remained firm as investors maintained exposure to safer assets amid ongoing global uncertainty. Oil markets were relatively unchanged, with the U.S. administration’s extended deadline for Russia to cease military actions in Ukraine softening immediate fears over supply disruptions.
Semiconductor Sector Momentum
Semiconductor stocks gained traction following news that Nvidia would resume shipments of its H20 AI chips to China. The development supported upward movement in chipmakers across U.S. indices, highlighting continued demand in the AI technology space and its global implications.
Corporate Earnings Season Begins
Major financial institutions in the U.S. are scheduled to report earnings, marking the start of the second-quarter results season. Market watchers are focusing on these releases to gauge overall economic health and corporate performance trends.
Crypto Mining Activity Draws Interest
Riot Platforms disclosed a significant ownership stake in Canadian bitcoin miner Bitfarms Ltd (TSE:BITF), placing a spotlight on crypto-related equities. The development brought renewed attention to the TSX Venture Composite Index, where several blockchain and digital asset firms are listed.
TSX Hits Record High
The S&P/TSX Composite Index reached a new record on Monday as market sentiment shifted toward upcoming earnings releases. Gains were broad-based across sectors, underscoring market confidence in underlying economic fundamentals despite ongoing trade tensions.