The S&P/TSX Composite jumped around 1.3% to above the 27,900 mark on Wednesday, setting fresh record highs as investors bought the dip following last week’s selloff, buoyed by renewed hopes for a September Fed rate cut and strong commodity and earnings data. Shopify soared over 20% after reporting a 31% year-over-year jump in Q2 revenue and a 17% rise in operating income, both beating expectations, while guiding Q3 revenue growth in the mid- to high-20% range. Suncor gained more than 2% after topping estimates and benefiting from rising oil prices, which also lifted peers Canadian Natural, Imperial Oil, and Cenovus by between 1.4% and 2%. On the macro front, Canada’s private-sector activity remained in contraction for the eighth straight month, though the composite PMI rose to 48.7 in July from 44.0 in June, as both manufacturing (46.1 vs 45.6) and services (49.3 vs 44.3) posted softer downturns.