TORONTO – Strength in basic materials and energy stocks helped Canada’s main stock index finish higher on Wednesday, while U.S. markets were mixed amid large moves by U.S. tech stocks.
The S&P/TSX composite index was up 116.38 points at 29,179.39.
In New York, the Dow Jones industrial average was down 220.42 points at 45,490.92. The S&P 500 index was up 19.43 points at 6,532.04, while the Nasdaq composite was up 6.57 points at 21,886.06. The S&P 500 set an all-time high for a second straight day.
With the mixed performance of U.S. markets, Diana Orlic, a senior investment adviser with Richardson Wealth, said Apple was weighing on one index, while Oracle boosted another.
“Apple is dragging the Dow down. It came out with some new phones; they’re keeping the pricing down, so I think that’s affecting the stock,” she said.
Some analysts said the company’s unveiling of new iPhones the day before contained no surprises and some investors are worried they may not drive much growth in demand.
Meanwhile, Oracle said AI-related demand is set to send its revenue surging. CEO Safra Catz said Oracle signed four multi-billion dollar contracts during its latest quarter, and it expects cloud infrastructure revenue to jump 77 per cent to US$18 billion this fiscal year.
“Oracle is dragging up the Nasdaq. It had some great numbers and some good business with some AI firms they’re partnering with,” Orlic said.
“I think the AI trade is still on.”
Apple lost 3.23 per cent on the day, while Oracle soared 35.91 per cent.
Another bright spot in the tech space was Swedish buy now, pay later company Klarna, she said.
Klarna shares rose 14.55 per cent in its highly anticipated public debut on the New York Stock Exchange on Wednesday, the latest in a run of high-profile initial public offerings this year.
Outside of tech stocks, Orlic said markets also digested U.S. inflation data that will loom large for the U.S. Federal Reserve.
U.S. producer prices fell unexpectedly last month, dropping 0.1 per cent from July. The U.S. Labor Department reported Wednesday that its producer price index — which captures inflation in the supply chain before it hits consumers — showed that wholesale inflation decelerated in August after advancing 0.7 per cent in July.
“This is going to open the door for the Fed to make it easier to cut rates. So I think the market is a little bit happier on that news,” Orlic said.
In Canada, shares of Teck Resources Ltd. saw further gains, up 3.73 per cent, after announcing a tie-up Monday with London-headquartered Anglo American PLC.
“That one actually was a nice surprise to hear of, because I think Teck was starting to get downgraded,” Orlic said.
She noted the deal would be one of the largest in the mining sector over the last decade.
“I think that’s a great deal for the Canadian space,” she said.
The deal will be subject to a review under the Investment Canada Act, which can be used to block deals deemed not in the national interest.
The Canadian dollar traded for 72.18 cents US compared with 72.29 cents US on Tuesday.
The October crude oil contract was up US$1.04 cents US at US$63.67 per barrel. The December gold contract was down 20 cents US at US$3,682.00 an ounce.
This report by The Canadian Press was first published Sept. 10, 2025.
— With files from The Associated Press.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD, TSX:TECK.B)
