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Stocks Flat Heading Into Easter Long Weekend
(MENAFN- Baystreet) TSX Springs Back up Index Climbs on Mining Strength Gold Miners Lift TSX at Open Futures Point North TSX Fades Tuesday Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, March 28, 2024 Stocks Flat Heading into Easter Long Weekend Karora in Focus Futures for Canada's main stock index inched up on Thursday, tracking an uptick in the prices of precious metals and crude oil, while investors awaited economic data that could offer clues to the health of the country's economy.
The TSX Composite gained 194.56 points to close Wednesday at 22,107.08.
Futures moved up 0.2% Thursday.
The Canadian dollar sank 0.06 cents 73.54 cents U.S.
On the merger news front, Australian gold miner Ramelius Resources said it had ended discussions with Karora Resources for a potential acquisition of the Canada-based mine operator.
On the economic board this Maundy Thursday, Statistics Canada reports real gross domestic product rose 0.6% in January as both services-producing and goods-producing industries posted gains. As well, payroll numbers increased by 39,800 (+0.2%) in January.
ON BAYSTREET
The TSX Venture Exchange added 10.27 points, or 1.9%, Wednesday to 558.74.
ON WALLSTREET
Stock futures were flat Thursday as the S&P 500 approached its best first-quarter performance in five years.
Futures for the Dow Jones Industrials gained 19 points to 40,163.
Futures for the S&P 500 dipped 0.5 points to 5,307.75.
Futures for the NASDAQ Composite dropped 2.75 points to 18,501.
For the quarter, the S&P 500 is up about 10%. It is on pace for its best first-quarter gain since 2019, when it rallied 13.1%. The 30-stock Dow, up 5.5% during the period, is tracking for its strongest first-quarter performance since 2021 when it advanced 7.4%. The NASDAQ is up 9.3% in the quarter thus far.
On a monthly basis, the S&P 500 is up 3%. The NASDAQ and the Dow are both pacing for advances of more than 1.9%.
Driving the gains this quarter and month has been Nvidia, last year's market leader, as the artificial intelligence craze shows no signs of slowing. The stock is up 82% for the quarter and 14% in March alone.
Investors on Thursday are awaiting data on jobless claims, gross domestic product and consumer sentiment.
Although the market will be closed due to Good Friday, economic data tied to personal income, consumer spending and personal consumption expenditures will be released that day.
In corporate news, shares of luxury home furnishings retailer RH jumped 8% after management indicated that demand trends are expected to accelerate throughout fiscal 2024. Nevertheless, the company missed estimates in its latest quarter and issued a weak outlook for the first quarter.
In Japan, the Nikkei 225 dipped 1.5%, while in Hong Kong, the Hang Seng index slid 0.9%,
Oil prices gained $1.13 to $82.48 U.S. a barrel.
Gold prices soared $20.40 to $2,232.70 U.S. an ounce.
The TSX Composite gained 194.56 points to close Wednesday at 22,107.08.
Futures moved up 0.2% Thursday.
The Canadian dollar sank 0.06 cents 73.54 cents U.S.
On the merger news front, Australian gold miner Ramelius Resources said it had ended discussions with Karora Resources for a potential acquisition of the Canada-based mine operator.
On the economic board this Maundy Thursday, Statistics Canada reports real gross domestic product rose 0.6% in January as both services-producing and goods-producing industries posted gains. As well, payroll numbers increased by 39,800 (+0.2%) in January.
ON BAYSTREET
The TSX Venture Exchange added 10.27 points, or 1.9%, Wednesday to 558.74.
ON WALLSTREET
Stock futures were flat Thursday as the S&P 500 approached its best first-quarter performance in five years.
Futures for the Dow Jones Industrials gained 19 points to 40,163.
Futures for the S&P 500 dipped 0.5 points to 5,307.75.
Futures for the NASDAQ Composite dropped 2.75 points to 18,501.
For the quarter, the S&P 500 is up about 10%. It is on pace for its best first-quarter gain since 2019, when it rallied 13.1%. The 30-stock Dow, up 5.5% during the period, is tracking for its strongest first-quarter performance since 2021 when it advanced 7.4%. The NASDAQ is up 9.3% in the quarter thus far.
On a monthly basis, the S&P 500 is up 3%. The NASDAQ and the Dow are both pacing for advances of more than 1.9%.
Driving the gains this quarter and month has been Nvidia, last year's market leader, as the artificial intelligence craze shows no signs of slowing. The stock is up 82% for the quarter and 14% in March alone.
Investors on Thursday are awaiting data on jobless claims, gross domestic product and consumer sentiment.
Although the market will be closed due to Good Friday, economic data tied to personal income, consumer spending and personal consumption expenditures will be released that day.
In corporate news, shares of luxury home furnishings retailer RH jumped 8% after management indicated that demand trends are expected to accelerate throughout fiscal 2024. Nevertheless, the company missed estimates in its latest quarter and issued a weak outlook for the first quarter.
In Japan, the Nikkei 225 dipped 1.5%, while in Hong Kong, the Hang Seng index slid 0.9%,
Oil prices gained $1.13 to $82.48 U.S. a barrel.
Gold prices soared $20.40 to $2,232.70 U.S. an ounce.
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