TORONTO — Canada's main stock index rose Tuesday near the end of the trading day, erasing earlier losses as energy and base metals helped offset weakness in telecom, while U.S. stock markets also climbed higher.In New York, the Dow Jones industrial average was up 162.33 points at 39,331.85. The S&P 500 index was up 33.92 points at 5,509.01, while the Nasdaq composite was up 149.46 points at 18,028.76.
Heading into the second half of the year, the tech sector continues to see momentum, added Mahajan, with the Nasdaq leading gains on Tuesday. It’s possible that with U.S. elections on the horizon and just one modest correction so far this year for markets, more volatility could be on its way, said Mahajan.
The U.S. Federal Reserve looks poised for interest rate cuts to begin, said Mahajan, while the Bank of Canada may continue to cut.Fed chair Jerome Powell spoke at a panel discussion in Portugal Tuesday, saying that data for April and May “do suggest we are getting back on a disinflationary path.”