Technology Stocks Shine As TSX Rises For 2nd Straight Day

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(RTTNews) - The Canadian market ended on a strong note on Monday, led by gains in technology and healthcare sectors.

Stocks from real estate, consumer discretionary and energy sections too posted impressive gains.

The mood in the market was fairly positive amid rising expectations the central banks, including the Federal Reserve and the Bank of Canada will slow the pace of interest rate hikes thanks to the drop in consumer prices.

The benchmark S&P/TSX Composite Index ended with a gain of 128.37 points or 0.63% at 20,631.58.

The Information Technology Capped Index surged 2.94%. Shopify Inc (SHOP.TO), up 8.77%, was the biggest gainer in the sector. Nuvei Corp (NVEI.TO), Lightspeed Commerce (LSPD.TO) and Quarterhill (QTRH.TO) gained 6.6%, 6.4% and 5.3%, respectively. Hut 8 Mining (HUT.TO), BlackBerry (BB.TO), Coveo Solutions (CVO.TO), Absolute Software (ABST.TO) and Open Text Corp (OTEX.TO) were among the other major gainers.

In the healthcare sector, Canopy Growth Corp (WEED.TO) gained nearly 7%. Tilray Inc (TLRY.TO) surged about 5%, while Cronos Group (CRON.TO) climbed 1.8%.

Canadian Tire Corporation (CTC.TO), Cargojet (CJT.TO), Colliers International (CIGI.TO), Goeasy (GSY.TO), Magna International (MG.TO) and Ritchie Bros. Auctioneers (RBA.TO) were among the prominent gainers from other sectors.

Tourmaline Oil Corp (TOU.TO), Rogers Communications (RCI.A.TO), Kinaxis Inc (KXS.TO), Gildan Activewear (GIL.TO) and Precision Drilling Corporation (PD.TO) were among the notable losers in the session.

Data from Statistics Canada showed new home prices in Canada stalled from the prior month in December of 2022, holding the 0.2% decline in the previous month and compared to expectations of a 0.2% decline.

Canadian new housing prices rose by 3.9% year-on-year, the least since October of 2020, and slowing from the 4.1% rise in the previous month.

European Shares Slide As Auto Stocks Weigh

European stocks were broadly lower on Monday as investors awaited a key U.S. inflation reading as well as comments from several Federal Reserve officials this week for additional clues on the Federal Reserve's rate trajectory.

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Asian Shares Mixed As Investors Ponder Fed's Rate Path

Asian stocks turned in a mixed performance on Monday as investors wondered how U.S. President Donald Trump's crackdown on immigration will reshape the world's largest economy in the short and long term.

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Dollar Edges Up After Fed's Cautious Rate Cut

The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies edged up during the week ended September 19 amidst a cautious rate cut by the Federal Reserve as well as status quo by Bank of England and Bank of Japan.

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European Shares Seen Mostly Lower In Cautious Trade

European stocks are seen opening flat to slightly lower on Monday as investors react to the Trump administration's immigration crackdown on H-1B visas and shift focus to a slew of U.S. economic data as well as speeches by Fed Chair Jerome Powell and other Fed officials due this week for additional clues on the future path of interest rates.

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China Leaves Key Interest Rates Unchanged

The People's Bank of China left its benchmark interest rates unchanged for the fourth straight month despite key indicators suggesting economic slowdown. The PBoC kept its one-year loan prime rate unchanged at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.50 percent. The decision came in line with expectations.

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Sensex, Nifty Little Changed; IT Stocks Tumble After H-1B Visa Fee Increase

Indian shares were little changed on Monday despite U.S. President Donald Trump's decision to impose a hefty $100000 fee on H-1B visas to protect American jobs.

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Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Monday, but adding to the gains in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,800.00 level, with gains across most sectors led by mining and financial stocks.

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Asian Markets Trade Mixed

Asian stock markets are trading mixed on Monday, following the positive cues from Wall Street on Friday, as the recent interest rate cut decision by the US Fed and the forecast by Fed officials of two more rate cuts this year but just one next year, continue to lift market sentiment. However, major currencies in the region weakened against the US dollar. Asian markets closed mixed on Friday.

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EURUSD	1.17801	GBPUSD	1.35007	AUDUSD	0.65965
USDJPY	147.885	USDCAD	1.38063	USDCHF	0.79398