12:12 PM EDT, 07/04/2024 (MT Newswires) -- The Toronto Stock Exchange is up 32 points at midday, with most sectors higher and adding to the 350 points gained over the previous two days.

The biggest gainers are telecoms (+0.8%) and energy (+0.5%), followed by utilities (+0.25%).

Industrials is the sole decliner, down 0.05%.

Oil prices weakened in light U.S.-led holiday trade early on Thursday, falling off a near seven-week high set after a report showed U.S. oil inventories last week fell by the most in a year.

Gold edged down in light electronic trading with markets closed for the Independence Day holiday, dropping off a four-week high even as the dollar weakened.

Natural gas fell to a seven-week low in thin electronic trading due to the Independence Day holiday as long-term forecasts cooled.

BMO Economics said in its morning note that Fed Chair Powell had sparked an equity rally whilst on the Policy Panel in Portugal when he remarked that the U.S. had made "real progress" in getting inflation down. The use of the word "progress" is notable as the FOMC Minutes from the June meeting indicated that yes, "price pressures were diminishing", but "additional information" was needed before rates could be cut. And, BMO noted, since that meeting, there have been milder readings on the core PCE deflator, the supercore measure, weaker retail sales, and sub-50 ISM prints. Indeed, BMO said, after this week's round of U.S. economic data...."well, rally on as a September rate cut is looking increasingly likely". The S&P 500 and the Nasdaq closed at record highs yesterday, BMO also noted.