Indexes Power Higher as Technology Stocks Lead Broad-Based Rally
The Canadian Vanguard Stock Market Report – Tuesday February 24, 2026 Edition.
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The Toronto Market
The Toronto Market Index
The S&P/TSX Composite Index gained 193.88 points, or 0.57%, to close at 33,970, extending its momentum with advances in five of the past seven trading sessions. The benchmark now sits just below the psychologically important 34,000 level, a threshold that could influence near-term trading sentiment.
The recent strength marks a notable turnaround from January 30, when concerns over an AI cost-driven sell-off pushed the index down to 31,924, following a 33,016 close the previous day. Since that pullback, buyers have steadily re-entered the market, driving a recovery of nearly 2,000 points in February alone.
For investors, the rebound signals resilient underlying demand and improving risk appetite. Sustained momentum above current levels could reinforce bullish sentiment, while the 34,000 mark may act as a near-term resistance level to watch.
Today’s TSX Market Statistics
Market breadth was firmly positive, with advancing issues significantly outpacing decliners. A total of 1,417 stocks advanced compared with 740 decliners, resulting in an advancer-to-decliner ratio of 1.91:1 — nearly two stocks rising for every one falling — while 160 issues closed unchanged. This broad participation suggests underlying strength beneath the index-level gains.
New 52-week highs totaled 316, versus 40 new lows. Although new highs declined modestly from 344 in the previous session, they continue to outnumber new lows by a wide margin, indicating sustained upward momentum across sectors.
Total trading volume reached 476,948,888 shares, down 4% from 495,272,325 shares yesterday. The combination of a rising index and lighter volume may signal selective buying rather than aggressive accumulation. For investors, this divergence warrants monitoring: continued gains on expanding volume would provide stronger confirmation of the current uptrend, while persistent lower volume could suggest cautious positioning near resistance levels.
Toronto Market Wrap-Up
Cyclical sectors led Tuesday’s session, with Industrials (+1.96%) and Basic Materials (+1.91%) driving gains. Six of ten sectors closed higher, signaling constructive breadth, though weakness in Technology (-0.43%), Consumer Discretionary (-1.6%), Energy (-0.26%), and Financials (-0.03%) points to continued sector rotation rather than broad-based risk-on buying.
Resource names dominated the leadership board.
Thomson Reuters Corporation (TSX: TRI) jumped 11.38%, providing large-cap support to the index.
Energy Fuels Inc. (TSX: EFR), up +8.41%, Ero Copper Corp. (TSX: ERO), up 7.6%, First Majestic Silver Corp. (TSX: AG), up 3.2%, and Cameco Corporation (TSX: CCO), up 2.03%, highlighted sustained momentum in uranium and metals plays. Continued strength in these names suggests investors are positioning around commodity resilience and nuclear-energy themes.
Outside mining, Bombardier Inc. (TSX: BBD.B), up 3.4%, and Atkinsrealis Group Inc. (TSX: ATRL), up 2.9%, offered additional cyclical exposure.
Key Levels & Risks:
- The TSX remains just below the 34,000 level — a near-term resistance zone. A decisive break above could attract momentum buying.
- Failure to clear that level, particularly if accompanied by weakening commodity prices, could trigger short-term profit-taking.
- Watch volume trends and earnings catalysts (notably in uranium names) for confirmation of follow-through.
Overall, leadership remains concentrated in commodities and industrial cyclicals — constructive, but selective positioning remains prudent near resistance.
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The US Markets
U.S. Market Indexes
The Dow Jones Industrial Average rose 370.44 points (+0.76%) to 49,174.50, while the S&P 500 gained 52.32 points (+0.77%) to 6,890.07. The Nasdaq Composite outperformed, climbing 236.41 points (+1.04%) to 22,863.68, as technology stocks rebounded sharply.
After lagging in recent weeks, the Nasdaq led today’s advance, though it remains below its 50-day moving average — a key technical level. A sustained move above that average would strengthen the near-term technical outlook for growth stocks.
Small caps also participated. The Russell 2000 advanced 31.34 points (+1.20%) to 2,652.33. However, despite today’s bounce, the index has slipped below its 21-day moving average, signaling short-term technical vulnerability. Recent sessions have seen notable volatility and rotation within the small-cap space.
Key Levels & Risks:
- Nasdaq reclaiming its 50-day moving average would signal improving momentum in growth stocks.
- Russell 2000 needs to regain its 21-day average to stabilize short-term sentiment.
- Continued alternating up/down sessions highlight ongoing market whipsaw conditions — favor disciplined entries, tighter risk controls, and selective positioning.
Overall, today’s rebound was constructive, but confirmation through follow-through buying and improved technical positioning is still needed.
Today’s U.S. Market Statistics
NYSE: Market breadth was positive, with 1,779 advancers versus 950 decliners (1.87:1 advancer-to-decliner ratio), and 96 issues unchanged — nearly two stocks rising for every one falling.
However, momentum cooled notably in new highs. The NYSE recorded 171 new 52-week highs and 79 new lows, a sharp drop from yesterday’s 390 new highs and 204 new lows. The contraction in new highs suggests participation at the upper end of the range is narrowing.
Total volume reached 5.36 billion shares, down 6% from the prior session — a constructive breadth day, but on lighter conviction.
NASDAQ: Breadth was stronger, with 3,275 advancers and 1,514 decliners (2.16:1 ratio), and 212 unchanged issues.
The exchange posted 221 new 52-week highs and 219 new lows — a nearly even split. While this is an improvement from yesterday’s 330 new lows, the high/new-low parity reflects ongoing internal volatility beneath the surface.
Volume totaled 8.16 billion shares, down 4% from the previous session.
Investor Takeaway:
While breadth favored buyers across both exchanges, declining volume and mixed new high/new low data suggest selective accumulation rather than broad momentum expansion. For stronger confirmation of trend durability, investors should look for:
- Expansion in new 52-week highs
- Rising volume on up days
- Continued improvement in breadth consistency
Until then, short-term whipsaw conditions remain a tactical risk.
Today’s U.S. Market Wrap-Up
Market performance was broadly positive, with nine of eleven sectors closing higher. Utilities (+1.62%) led, followed by Consumer Discretionary and Industrials. Basic Materials (+1.16%) and Technology (+1.12%) also posted solid gains, reflecting renewed risk appetite.
Technology rebounded sharply as investors reassessed yesterday’s reaction to AI-related developments. Clarification surrounding Anthropic’s new AI tools helped ease competitive disruption concerns. In addition, reports that Meta Platforms plans to purchase more than $100 billion worth of AI chips from Advanced Micro Devices (AMD) reinforced confidence in sustained AI infrastructure demand.
Semiconductor leadership remained evident. Taiwan Semiconductor Manufacturing Company (TSM) continued to register new 52-week highs, underscoring persistent institutional demand. Corning Inc. (GLW) and Fabrinet (FN) extended recent gains, maintaining upside momentum.
Large-cap tech names participated in the rebound:
- International Business Machines Corporation (IBM) +2.70%, though the stock remains below its 200-day moving average — a key long-term technical level.
- Oracle Corporation (ORCL) +3.41%, showing relative strength.
- Intel Corporation (INTC) +5.71%, on heavy volume.
Key Risk Event
NVIDIA Corporation (NVDA) reports earnings after tomorrow’s close — a potential market-moving catalyst for the broader AI and semiconductor complex. NVDA closed at $192.85, up modestly on the session. Given its outsized influence on sentiment and index weighting, volatility may increase across tech and growth stocks.
Investor Takeaway
Today’s rebound is constructive, particularly in semiconductors and AI-linked infrastructure plays. However, with NVDA earnings pending and key technical levels (e.g., 200-day averages) still in play for several names, disciplined position sizing and risk management remain essential. Follow-through after earnings will determine whether this marks a durable shift in momentum or another rotation within an ongoing volatile range.
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(c) This article is published by The Canadian Vanguard on February 24, 2026
