CANADA STOCKS-TSX rises on tech, financials strength
By Utkarsh Hathi
Feb 10 (Reuters) - Canada's main stock index rose on Tuesday as gains in technology and financial shares overshadowed weakness in commodities, while investors awaited key U.S. economic data due later this week.
The S&P/TSX composite index .GSPTSE was up 0.5% at 33,170.84 points, as of 10:28 a.m. ET.
Tech stocks .SPTTTK gained 1.2%, extending gains after suffering a sharp drop in the previous week. Financials .SPTTFS, the heaviest-weighted sector on the index, advanced 0.5%.
The benchmark index jumped the most in six months in the previous session, as mining shares extended gains on the back of strength in precious metals and tech stocks recovered from the previous week's AI-sparked selloff.
All eyes have been on U.S. jobs data for January, scheduled for Wednesday, and inflation data due Friday. Traders are pricing in 58 basis points worth of rate cuts by the end of this year, according to data compiled by LSEG. 0#FEDWATCH
Investors have diversified in other sectors recently to shield themselves from losses in stocks with elevated valuations.
"Whether this rotation continues out of tech into other sectors or do we go back to tech companies depends on this week's macro data," said Michael Dehal, senior portfolio manager, Dehal Investment Partners, at Raymond James.
"It would be a big catalyst for how the markets kind of play out for the next couple of weeks."
Industrials <.GSPTTIN> and capped communications <.GSPTTTS> sectors also gained 0.6% and 0.7%, respectively.
The energy index .SPTTEN limited overall gains with a 0.6% fall as oil prices struggled for direction.
Traders have been assessing potential supply disruptions after U.S. guidance for vessels transiting the Strait of Hormuz kept focus on U.S.-Iran tensions. O/R
Meanwhile, U.S. Trade Representative Jamieson Greer said on Tuesday talks on the U.S.-Mexico-Canada trade pact are under way with Mexico but have been more challenging with Canada.
Among individual movers, e-commerce firm Shopify SHOP.TO climbed 6.2% after MoffettNathanson upgraded its rating to 'buy' from 'neutral'.
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