TORONTO — Canadian and U.S. stock markets gained ground on Thursday as investors sifted through fresh corporate earnings reports on both sides of the border.

The S&P/TSX composite index was up 172.06 points at 35,505.84. On the TSX, the gains in the basic materials and financial sectors offset losses in the technology and industrials sectors.

Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James Ltd., said Canada’s main stock index benefited from firmer precious metals prices and strong earnings.

“Investors are … continuing to rotate into precious metals and diversified miners, especially with this ongoing uncertainty, and elevated commodity prices are really supporting that space,” she said.

Gardner said Canadian banks were also providing stability in the market after the sector saw some recent weakness.

Meanwhile, Bombardier Inc. weighed on the TSX, with its shares falling 7.9 per cent after it reported a second-quarter profit of US$191 million Thursday.

In New York, the Dow Jones industrial average was up 613.92 points at 52,208.06. The S&P 500 index was up 121.48 points at 7,437.63, while the Nasdaq composite was up 679.24 points at 25,122.18.

Microsoft led the U.S. market and leaped 15.5 per cent for its best day in nearly 18 years after reporting a stronger profit for the latest quarter than analysts expected. Growth was strong for its Azure cloud business, and CEO Satya Nadella said it reflects how customers are using Microsoft to move into AI.

Perhaps just as importantly for Wall Street, Microsoft did not announce a big increase in how much it plans to spend on AI investments, something that several other big tech rivals have done. Worries are high that such spending is eating into companies’ cash flows and may not ultimately be worth it if AI underdelivers on productivity and profits.

Meta Platforms helped demonstrate such fears. The parent company of Facebook and Instagram fell eight per cent after it reported a weaker profit for the latest quarter than analysts expected, even though it made slightly more in revenue than expected. It also raised the lower end of its forecast range for spending on investments this year.

“This earnings season is reminding investors that not all AI companies will benefit equally,” Gardner said.

In the oil market, prices eased. The September crude oil contract for North American benchmark West Texas Intermediate was down 87 cents US at US$83.59 per barrel.

Brent crude, the international standard, fell 1.4 per cent to settle at US$86.88 per barrel.

It had swung as low as US$72 early this month and as high as US$102 last week on uncertainty about whether the United States and Iran could reach a deal to allow oil tankers to move freely again from the Middle East to customers worldwide.

The decline in oil prices Thursday comes after sharp gains a day before.

“Supply disruptions haven’t really materialized drastically yet, and I think markets are going to reassess the risk premium,” Gardner said.

“Investors are recognizing that while tensions remain elevated, the market has priced in the worst-case scenario yesterday, and today’s trading suggests a lot of investors are dialing back some of those fears until there’s evidence of an actual supply interruption.”

Looking ahead, Gardner said there could be some volatility in equity markets as August is historically one of the weakest months of the year.

The Canadian dollar traded for 71.36 cents US compared with 71.01 cents US on Wednesday.

The December gold contract was up US$63.60 at US$4,160.60 an ounce.

This report by The Canadian Press was first published July 30, 2026.

— With files from The Associated Press

Companies in this story: (TSX: GSPTSE, TSX: CADUSD)

Daniel Johnson, The Canadian Press