Canada’s main stock index rose to another record high on Tuesday as higher gold prices boosted metal mining shares.
Toronto’s S&P/TSX Composite index ended up 187.07 points, or 0.6%, at 32,407.02, surpassing Monday’s record closing high despite potential turbulence for Canadian energy companies. A boost in Venezuelan oil exports could hurt Canadian companies that sell a similar heavy oil if Venezuelan crude diverts to the United States after the U.S. capture of President Nicolas Maduro.
The materials group, which includes metal mining shares, rose 3.1% as geopolitical risks boosted safe-haven demand for gold. Gold was up 1.1%, moving closer to a record high.
Technology was another standout, rising 2.1%, and consumer discretionary ended up 1.6%.
Energy lost 0.7%, adding to the previous day’s decline. The price of oil settled 2% lower at US$57.13 a barrel.
In domestic economy news, Canada’s services economy remained in contraction in December as trade uncertainty weighed on employment and client spending, S&P Global’s Canada services PMI data showed.
Wall Street also ended higher as chip stocks surged on renewed AI optimism, Moderna rallied and the Dow Jones Industrial Average reached a record high.
Moderna jumped almost 11% after BofA Global Research raised its price target on the drugmaker, helping lift the S&P 500 healthcare index 1.96%.
Memory and storage technology stocks rallied after Nvidia CEO Jensen Huang, speaking at the Consumer Electronics Show in Las Vegas, gave details about upcoming AI processors that include a new layer of storage technology.
SanDisk jumped over 27%, Western Digital rallied 17%, Seagate Technology gained 14% and Micron Technology rose 10%, with all four stocks hitting record highs.
The PHLX chip index also hit an all-time high, up 2.75% for the day and bringing its gain in the first three trading sessions of 2026 to about 8%.
“I think we’re going to have a very strong earnings season for Big Tech, and all those capex estimates that we hear about are going to be revised higher again,” said Jed Ellerbroek, portfolio manager at Argent Capital in St. Louis.
Investors are looking forward to reliable economic data as the effects of a record 43-day federal government shutdown wear off, and upcoming releases include the Job Openings and Labor Turnover Survey on Wednesday and Friday’s jobs report for December. Weaker-than-expected employment data could strengthen the case for central bank interest rate cuts.
Heading into fourth-quarter earnings season in the next few weeks, valuations on Wall Street remain relatively pricey. The S&P 500 is trading at about 22 times expected earnings, down from 23 in November, but above the index’s five-year average of 19, according to LSEG data.
The S&P 500 climbed 0.62% to end the session at 6,944.82 points. The Nasdaq gained 0.65% to 23,547.17 points, while the Dow Jones Industrial Average rose 0.99% to 49,462.08 points, nearing the historic 50,000 mark.
Volume on U.S. exchanges was relatively heavy, with 18.7 billion shares traded, compared with an average of 16.1 billion shares over the previous 20 sessions.
U.S. data on Tuesday showed S&P Global’s final composite PMI slipped to 52.7 in December from 53.0 in the prior month, while the services PMI eased to 52.5 from 52.9.
Markets also parsed comments from Richmond Federal Reserve President Tom Barkin, who reiterated the U.S. central bank’s careful take on further cuts, in contrast to Governor Stephen Miran’s call for aggressive cuts in a Fox Business interview.
Investors brushed aside fears of broader geopolitical fallout after U.S. forces captured Venezuelan President Nicolas Maduro over the weekend, betting the move could pave the way for U.S. firms to gain access to Venezuela’s oil reserves.
U.S. oil stocks dipped after robust gains in the prior session, with giants Exxon Mobil and Chevron losing 3.4% and 4.5%, respectively. Comments by Nvidia’s Huang about the efficiency of the company’s new chips raised concerns about demand for data center cooling systems. Shares of Johnson Controls fell 6.2%, while Trane Technologies dropped 2.5%. AIG shares tumbled 7.5% after the insurance giant said CEO Peter Zaffino would step down.
Advancing issues outnumbered falling ones within the S&P 500 by a 3.1-to-one ratio. The S&P 500 posted 62 new highs and 8 new lows; the Nasdaq recorded 126 new highs and 42 new lows.
Reuters, Globe staff