TSX Moves Higher Mid-Wednesday
CGI, Rogers Merit Most Attention
Canada's main stock index pulled itself up by its own bootstraps midday Wednesday as a decline in commodity prices dragged energy and materials stocks, while investors stayed on the sidelines ahead of a widely expected interest rate hike by the U.S. Federal Reserve.
The TSX acquired 23.98 points to reach noon EDT Wednesday at 20,575.51.
The Canadian dollar handed back 0.16 cents to 75.67 cents U.S.
Information technology stocks, lost ground as shares of CGI Inc fell $7.49, or 5.5%, to $127.98 after the company reported quarterly results.
Shares of Rogers Communications rose $2.55, or 4.3%, to $61.70 after the company raised its annual forecasts for adjusted core earnings and free cash flow.
The TSX Venture Exchange inched up 1.32 points to pause for lunch at 616.50.
Seven of the 12 TSX subgroups were higher by noon, with health-care sprinting 3.6%, while industrials and communications each gained 0.6%.
The five laggards were weighed most by information technology, sliding 2.9%, while consumer staples backed off 0.8%, and materials lost 0.2%.
The S&P 500 fell Wednesday as investors weighed a batch of corporate earnings from major technology names and geared up for the Federal Reserve's latest interest rate decision.
The Dow Jones Industrials regained 27.91 points as morning became afternoon Wednesday at 35,465.98, having experienced 12 straight upward sessions. If the Dow closes higher Wednesday, it would be the best winning streak for the 30-stock index since January 1987 - the last time it was higher for 13 straight days.
The longest winning streak ever for the Dow was in June 1897, when the index rose for 14 consecutive sessions. That was roughly one year after the Dow was incepted in May 1896.
The much-broader index subtracted 7.44 points to 4,560.02.
The NASDAQ index slid 45.34 points to 14,099.21.
Google-parent Alphabet rose more than 6% as cloud revenue growth helped propel the company to a better-than-expected quarter. On the other hand, Microsoft slid more than 3% after reporting slowing cloud revenue growth.
Outside of Big Tech, Snap tumbled 19% after giving weak guidance for current-quarter performance.
Elsewhere, Dow component Boeing gained more than 5% after reporting a second-quarter beat following a rise in commercial aircraft deliveries. Meta, Chipotle and Mattel's earnings are slated to drop after the market closes.
A slate of recent data suggesting easing inflation has investors riding a wave of optimism the Federal Reserve will be done hiking rates after its July meeting. The CME Group's FedWatch Tool is showing a 98% likelihood policymakers will raise rates by a quarter percentage point at the conclusion of their Wednesday meeting. However, some market participants urge caution against the view the central bank is“one and done.”
Prices for the 10-year Treasury gained slightly, lowering yields to 3.87% from Tuesday's 3.88%. Treasury prices and yields move in opposite directions.
Oil prices dipped 32 cents to $79.31 U.S. a barrel.
Gold prices brightened $10.80 to $1,974.50 U.S. an ounce.
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