TSX Pulls Back From Record High

(MENAFN- Baystreet)
The S&P/TSX Composite Index retreated 177.02 points, or 0.5%, to close at 34,653.87 after reaching a record high in the previous session.
Losses in technology and financial shares weighed on the benchmark index as traders locked in profits and adopted a more cautious tone amid geopolitical uncertainty.
Canadian energy stocks provided some support as oil prices stayed elevated, but declines in gold miners and bank shares limited broader gains.
Investors are also watching upcoming economic data and corporate earnings for signals on interest rates and the outlook for North American growth heading into the summer trading season.
ON BAYSTREET
The TSX Venture Exchange was ahead 6.87 points, or 0.69%, to 1,001.68.
Four of the 12 TSX subgroups closed positive on Tuesday, led by gold stocks, up 0.84%, utility stocks were ahead 0.58% and gold issues were up 0.42%.
On the downside - Consumer Staple issues shed 1.75%, Tech stocks dipped 1.64% and Health-care issues sank 1.32%.
ON WALLSTREET
U.S. stock markets closed mostly higher Tuesday, with the Nasdaq Composite and S&P 500 finishing at fresh record highs as investors continued piling into technology and semiconductor shares despite ongoing geopolitical uncertainty in the Middle East.
The S&P 500 rose 0.6% to close at 7,519.12, while the Nasdaq Composite gained 1.2% to finish at a record 26,656.18. The Dow Jones Industrial Average slipped 0.2%, ending the day at 50,461.68 as weakness in industrial and defensive stocks offset gains in the technology sector.
Technology companies led the rally, with semiconductor and memory-chip makers posting some of the session's strongest gains. Micron Technology surged after bullish analyst commentary tied to growing artificial intelligence demand, helping lift the broader chip sector higher.
The Philadelphia Semiconductor Index also reached another all-time high as investors continued rotating back into high-growth AI-linked names.
Investor sentiment improved after signs emerged that negotiations between the United States and Iran may be progressing toward a potential agreement. Markets have remained highly sensitive to developments in the region following recent U.S. strikes and threats surrounding the Strait of Hormuz, a key global oil shipping route. Comments from U.S. officials suggesting diplomacy was advancing helped calm fears of a prolonged disruption to oil supplies.
Oil prices, however, remained volatile throughout the trading day. Brent crude briefly approached the US$100-per-barrel mark after Iran vowed retaliation over recent military actions, while West Texas Intermediate crude later fell as hopes for a ceasefire reduced fears of a major supply shock.
Investors also monitored Treasury yields, which moved lower as easing oil concerns tempered inflation expectations.

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