04:25 PM EDT, 04/09/2024 (MT Newswires) -- A day after a total solar eclipse occurred in the skies above Canada, the nation's main stock market, the Toronto Stock Exchange (TSX), on Tuesday produced a total eclipse of its own -- in terms of the index touching record intraday highs around 22,380. The resources heavy TSX also posted a fresh record close, with the S&P/TSX Composite Index ending up 101.48 points to 22,361.78 after overcoming a mixed performance from commodity prices and a sell off in Tilray Brands ( TLRY ) , a cannabis-lifestyle and consumer packaged goods entity.

Going in to today's session, the TSX was up near 0.4% month to date, and 6.2% year to date.

Among sectors Tuesday, most were higher, while the biggest gainer was Base Metals (+2.8%). Healthcare was the biggest decliner, down 5.2%.as Tilray, which reported its fiscal Q3 results this morning, fell 20% after lowering its full-year adjusted EBITDA guidance.

Of commodities today, gold pushed up to another fresh record high, climbing again as treasury yields moved lower ahead of fresh US inflation data coming Wednesday. Gold for June delivery was last seen up US$19.30 to US$2,370.30 per ounce, while spot gold was up US$13.49 to US$2,352.52.

But West Texas Intermediate crude oil slipped for a third-straight session as Middle East tensions eased slightly and the US Energy Information Administration lowered its 2024 demand-growth forecast. WTI crude for May delivery closed down US$1.20 to settle at US$85.23 per barrel, while June Brent crude, the global benchmark, closed down $0.96 to US$89.42.

Here, all eyes are firmly on the Bank of Canada meeting for April tomorrow. Most market watchers expect the central bank to keep its benchmark rate steady at 5% for the sixth consecutive time, but they will be watching for any shift in tone that could give the market a clue as to when rate cuts are likely to start and at what pace.

But former Bank of Canada and Bank of England governor Mark Carney warned central banks may cut interest rates more slowly and by less than many expect as monetary policy adjusts to a new era defined by structurally higher inflation, The Globe and Mail newspaper is reporting Tuesday.

Speaking at an event in Ottawa on Monday evening, Carney said central banks are likely to start lowering interest rates this year as inflation continues to decline. "But expect those cuts to be slower and shallower," he said. "And what's more relevant, for most companies and individuals and households, is that in the medium-term, rates are going to be higher [than before], and are going to be higher because of structural things, and you better be prepared for that."

The report noted this echoes remarks made by current Bank of Canada Governor Tiff Macklem after the last rate decision in March. When asked about the likely trajectory of rate cuts, Macklem said that "it's very safe to say we're not going to be lowering rates at the pace we raised them."