04:15 PM EDT, 10/03/2024 (MT Newswires) -- Canada's largest stock market closed lower for a second successive day Thursday amid uncertainty around the outlook for economic growth and interest rate cuts across North America, though rising commodity prices offered support.

The S&P/TSX Composite Index closed down 33.05 points to 23.968.5. Base Metals, down 1.80%, and Utilities down 1.28%, posted the biggest losses, with Energy, up 2.78%, and Heath Care, up 0.78%, mitigating the losses.

West Texas Intermediate (WTI) crude oil closed sharply higher, climbing for a third-straight day after U.S. President Joe Biden said the United States and Israel are discussing an attack on Iran's oil sector to retaliate for this week's attack on Israel. WTI crude oil for November delivery closed up US$3.61, or 5.2%, to settle at US$73.71 per barrel. December Brent crude, the global benchmark, closed up US$3.72 to US$77.62.

Gold prices rose by mid-afternoon on Thursday, supported by safe-haven buying even as the dollar and yields climbed. Gold for December delivery was last seen up US$8.40 to US$2,678.10 per ounce

In terms of individual stocks, the head of Canadian research at TD Securities said three of his top TSX picks include Brookfield Renewable Partners (BEP-UN.TO), Canadian Imperial Bank of Commerce ( CM ) and Celestica ( CLS ) .

In an interview with BNN Bloomberg on Wednesday, Andre-Philippe Hardy said going into next year the backdrop for the Canadian consumer is likely to be "more of the same." He said growth has been propelled by population gains that are expected to decline amid weak business investment and productivity. However Hardy added that as borrowing costs move lower, consumers will feel less of the burden of high interest rates.

RBC Capital Markets today noted that may reflect uncertainty in the market around economic growth and rates. The investment bank noted markets continue to price a premium for 50 basis-point cuts and that the probability of a "harder landing" has increased. It also noted the market had swung from expecting shallow cuts to deep ones since May, but RBC still expects the cutting cycle will be a shallow one.