May 1 (Reuters) - Canada's main stock index edged higher in choppy trading on Thursday, as investors cheered strong quarterly results of technology giant Microsoft (MSFT.O), and Meta (META.O), amid an uncertain economic environment.
Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), mirrored gains in Wall Street peers, inching 0.13% higher to 24,874.59 points.
Positive quarterly results from the "Magnificent Seven" heavyweights helped calm the market, offering investors hope that their billion-dollar bets on the technology sector would help them ride out the fallout from sweeping U.S. tariffs.
"It's going to be all about tech and earnings," said Angelo Kourkafas, investment strategist at Edward Jones Investments.
"There is some renewed excitement around artificial intelligence, which may boost performance in the tech sector in the TSX overnight."
Meanwhile, a social media account affiliated with Chinese state media said on Thursday that the U.S. has approached China seeking talks over President Donald Trump's 145% tariffs, potentially signaling Beijing's openness to negotiations.
White House economic adviser Kevin Hassett said he was hopeful for progress with China on trade, citing "loose discussions" between both governments.
On TSX, information and technology (.SPTTTK), sector was up 1.4%, mirroring gains in U.S. peers. Celestica (CLS.TO), topped the index with a 6.8% rise.
Conversely, mining (.GSPTTMT), stocks fell 2.5%, as gold dipped to a two-week low, pressured by signals of softening trade tensions and a holiday in top consumer China.
On the data front, Canadian manufacturing activity contracted in April at the steepest rate since shortly after the start of the COVID-19 pandemic as the uncertain nature of U.S. trade policy weighed on production and new orders.
In corporate news, Thomson Reuters (TRI.TO), shares gained 1.4%, after it reaffirmed the 2025 financial forecast amid tariff-induced global economic turmoil.
Reporting by Sanchayaita Roy in Bengaluru; Editing by Leroy Leo
