BoC cuts rates as S&P, Nasdaq hit highs

Wednesday morning, the Bank of Canada cut the key lending rate 25 basis points to 4.75%. The move was expected and the TSX saw an initial bump that faded, but closed on strength. The index gained 0.76% to return above 22,000 as all sectors rallied, led by materials, staples, industrials and tech.

Among the big movers were Celestica which rallied 7.05%, TC Energy up 3.24%, First Quantum Minerals 5.74%, Aritzia 4.44% and MTY Food Group by 4.21%. Meanwhile, gold climbed to US$2,353 and WTI added 1.15% to US$74.

Tech continued to steamroll ahead on Wall Street, in particular Nvidia, which rallied 5.16% to surpass US$3 trillion (and Apple) in market cap. Rival AMD rose 3.06%, HP popped 10.82%, Moderna 6.65% and Broadcom 5.6%. The S&P advanced 1.18% to make a record high at 5,354, as did the Nasdaq, popping nearly 2% to close at 17.187. The Dow climbed 0.25%. The U.S. 10-year yield continued to fade as it touched 4.281% and Bitcoin rose 1% to $71,200.

🧬 Celestica Inc (CLS-T) +7.05%

🛢 TC Energy (TRP-T) +3.24%

⛏ First Quantum Minerals (FM-T) +5.74%

👗 Aritzia Inc. (ATZ-T) +4.44%

🍝 MTY Food Group (MTY-T) +4.21%

💾 NVIDIA Corporation (NVDA-Q) +5.16%

💾 Advanced Micro Devices (AMD-Q) +3.06%

💻 Hewlett-Packard Co (HPQ-N) +10.82%

💉 Moderna (MRNA-Q) +6.65%

🧬 Broadcom (AVGO-Q) +5.6%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1%