Nov 29 (Reuters) – Canada’s main stock index advanced on Wednesday, as technology stocks gained on growing bets the U.S. Federal Reserve would cut interest rates next year, while energy stocks rose tracking higher crude oil prices.

At 9:44 a.m. ET (1444 GMT), the Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 23.62 points, or 0.12%, at 20,060.39.

Canadian technology stocks (.SPTTTK) added 0.6%, in tandem with a 0.9% gain in the tech-heavy U.S. Nasdaq stock index (.IXIC), as U.S. Treasury yields hit multi-month lows.

Yields on Canadian government bonds also fell on Wednesday.

Meanwhile, data showed the U.S. economy grew faster than initially expected in the third quarter, but the momentum appears to have waned since, as higher borrowing costs curb hiring and spending.

“(In the U.S.) you’re seeing inflation fall and growth maintaining itself and that’s really driving the markets now,” said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

“Unfortunately, here in our country, we’re not seeing as good a growth.”

Domestic economic data scheduled for later in the week – the third-quarter gross domestic product (GDP) report and November employment numbers – will be on investors’ watchlist.

Energy (.SPTTEN) advanced 0.5% as crude oil prices rose ahead of an OPEC+ meeting to decide on output policy, while supply disruptions caused by a storm in the Black Sea and lower U.S. inventories drove buying.

The personal consumption expenditures (PCE) report in the United States – the Fed’s preferred inflation gauge – due on Thursday, will be crucial in assessing the global economic scenario.

The benchmark Canadian index is eyeing its best November performance since 2020 as sentiment rose on hopes that interest rates might have peaked globally.

Among individual stocks, Alimentation Couche-Tard(ATD.TO) fell 4.0% after the convenience store operator reported lower second-quarter revenue.

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