TSX sees modest gains amid mega-cap tech valuation uncertainty in U.S. markets
Canada’s main stock index rose modestly Wednesday, with gains in basic materials helping the S&P/TSX composite close up 54.88 points at 27,878.76, while U.S. markets were mixed as investors weighed stretched valuations in mega-cap tech stocks like Nvidia and Palantir. Analysts noted profit-taking and skepticism around whether AI-driven stock surges are sustainable, with Federal Reserve meeting minutes reinforcing inflation concerns and keeping rates unchanged. Markets are now focused on Fed chair Jerome Powell’s upcoming Jackson Hole speech, seen as a potential catalyst. Meanwhile, the Canadian dollar slipped slightly, oil prices rose, and gold climbed.
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