04:14 PM EDT, 08/06/2025 (MT Newswires) -- The Toronto Stock Exchange posted its second-straight record close Wednesday, as Rosenberg Research seems to have called it correctly in a morning note when it said stocks are "mainly detached" from weak economic data, while individual stocks like Shopify ( SHOP ) shone.

Despite weaker commodity prices, the resources heavy S&P/TSX Composite Index closed up 350.8 points, or 1.25%, to 27,920.87, even with sectors mixed. Telecoms lost near 1.1%, but both the Battery Metals Index and Info Tech gained near 5%.

Among individual stocks, shares in e-commerce software platform Shopify ( SHOP ) jumped 22% to $212.82, making it the biggest company by market capitalization on the TSX, after reporting a second-quarter earnings beat this morning. National Bank kept an Outperform rating, but raised its target on the stock to US$180 from US$140, on a "solid" result with particular outperformance in GMV, and also on "strong" guidance, with targeted revenue growth in the mid-to-high 20%s (versus National Bank's forecast 20.6%, and consensus 21.5%). National said the company is "executing across the board" and "remains a top pick."

National Bank added: "The results and outlook are consistent with our investment thesis where we see the company executing on a number of growth opportunities (enterprise, scaling take rate, POS, international, and now B2B). Interestingly, Shopify ( SHOP ) also noted it's not seeing any (material) impact from macro uncertainties and has limited exposure to the [U.S]. removal of de minimis (Shopify's ( SHOP ) exposure represents near 4% of global GMV). Meanwhile, execution across all growth levers under operating leverage is helping drive profitability and cash flow. Bottom line, we think it's still early days for many of those growth opportunities, which is why the name remains one of our Top Picks."

Elsewhere, Wedbush reiterated an Outperform rating and raised its Shopify ( SHOP ) price target to US$160 from $115.

Of commodities, gold was steady midafternoon on Wednesday, despite a weaker dollar, remaining close to the metal's record high. Gold for December delivery was down $1.30 to US$3,433.40 per ounce. The price of the metal remains near its July 22 record high of US$3,501.80 per ounce amid strong safe haven demand as the U.S. economy slows while the Federal Reserve is expected to cut interest rates at the Sept. 17 meeting of its policy committee. The CME Fedwatch tool shows a 89.2% probability the central bank will cut rates by 25 basis points at the meeting.

Meanwhile, West Texas Intermediate crude oil fell for a fifth-straight session on Wednesday even as a report showed a larger than expected drop in U.S. inventories amid strong summer demand and U.S. President Donald Trump issued an executive order to impose 50% secondary sanctions on India for buying Russian oil, effective Aug.27. WTI crude oil for September delivery closed down $0.81 to settle at US$64.35 per barrel, the lowest since June 9, while October Brent oil was last seen down $0.82 to US$66.82.