04:37 PM EDT, 06/18/2024 (MT Newswires) -- Canada's main stock market, the Toronto Stock Exchange (TSX), just managed to prevent a fourth-straight loss on Tuesday as it eked out a modest gain of 23.42 points to end the session at 21,611.30, this after the index had been up close to 120 points at midday and had dipped into modest negative territory over the afternoon.

Today, the resource-heavy TSX was buoyed by higher commodity prices and some talk that rate cuts will start in the United States later this year, which could help limit the differential between Canada and the U.S. on their respective rate paths.

While most sectors were down, led by Information Technology down near 1.1%, the biggest percentage gainer was Energy, up 1.6%.

Reflecting that, in commodities today, West Texas Intermediate crude oil closed at a six-week high on expectations for high summer demand while OPEC+ continues to limit supply. WTI crude for July delivery closed up $1.24 to settle at US$81.57, the highest since April 30, while August Brent crude, the global benchmark, closed up $1.08 to US$85.33.

Gold prices traded higher midafternoon on Tuesday after treasury yields fell and the dollar dropped as U.S. retail sales rose less than expected last month. Gold for August delivery was last seen up $15.70 to US$2,344.70 per ounce.

On interest rates, the Bank of Canada on Wednesday will publish a summary of the deliberations ahead of its June 5 interest-rate decision, when it cut rates for the first time in four years.

Meanwhile, after the release of weaker than expected U.S. retail sales data today, CIBC expects the first Fed interest rate cut in September, and another in December. The Desjardins expectation remains that the Fed will cut rates twice in 2024. For its part, BMO Economics said: "Should sub-potential growth translate into calmer inflation and employment reports (as it should) over the next three months, the stage could be set for a September Fed rate cut."

But TD Economics was less optimistic on rate cuts. TD expects the Fed will continue awaiting a consistent flow of data in support of lower inflation, with a rate cut unlikely before December.