12:14 PM EDT, 05/09/2024 (MT Newswires) -- The TSX is up 133 points at midday, with most sectors higher. Telecoms and miners are the biggest gainers, up 1.5% and 1.35%, respectively.

Info tech is the sole decliner, down 0.45%.

Oil prices rose early on Thursday, moving up on tight supply amid solid demand as a day-prior report showed a drop in US oil inventories.

Gold traded higher as the dollar weakened following a report showing U.S. initial jobless claims last week rose to the highest since August, reviving hopes the Federal Reserve will cut interest rates this year.

Natural gas price rose ahead of fresh storage data as forecasts expect warmer weather that will boost cooling demand.

Market focus here remains on uncertainty around the timing and pace of interest rate cuts. To that end, market watchers were waiting on today's Bank of Canada Financial Stability Report.

Desjardins, in a quick look at the report, noted central bankers believe that Canadians are "weathering the storm of higher interest rates well", but also noted "the adjustment away from rock bottom rates is far from complete."

Policymakers, Desjardins saud, repeated their concerns about homeowners and renters, and the recent increase in business insolvencies among smaller companies.

Importantly, Desjardins said, central bankers believe that Canadian banks remain resilient and have appropriately accounted for a rise in loan losses.

Desjardins added: "While the Canadian financial system remains resilient for the time being, we believe central bankers will need to begin lowering rates soon to keep things that way. If central bankers move too slowly, households, non-financial businesses and banks will be under significantly more pressure in the years to come. With inflation now largely consistent with the Bank of Canada's 2% target, the door is open for the policymakers to begin a rate cutting cycle in June."