TSX Gains on Stalled Oil Rally and Eased Inflation Concerns

The TSX Composite Index rose nearly 1% to around 35,500 as concerns over energy-driven inflation eased due to an oil price rally stall. This led to a decrease in Canadian bond yields.

In addition, the soft US payrolls figures supported rate-sensitive stocks amid reduced expectations of a Fed rate hike this month. Financial stocks gained, with Scotiabank up nearly 1%.

Tech stocks also advanced, tracking strength in the Wall Street AI trade, with Shopify up nearly 2%. Gold prices edged higher, supporting miners, with Agnico Eagle and WPM both rising more than 2%.