(MENAFN- Baystreet) TSX Enjoys Only Tentative Gains
Futures Hint at Upbeat Open
Stocks Charge Ahead on Day, Week
Gains on TSX Subside Slightly
TSX Opens Higher on Materials Boost Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Monday, April 29, 2024
TSX Hangs in There Enerplus Dips Midday Canada's main stock index trimmed gains after hitting its highest in over two weeks amid broader gains, while investors awaited a week of corporate earnings and the U.S. Federal Reserve's monetary policy decision.
The TSX Composite pulled ahead 39.86 points to break for lunch Monday at 22,009.10.
The Canadian dollar eked up 0.04 cents at 73.26 cents U.S.
Enerplus slipped 12 cents to $27.94 after RBC downgraded it to "sector perform" from "outperform".
ON BAYSTREET
The TSX Venture Exchange edged forward 3.98 points to 590.53.
All but two of the 12 subgroups were higher, led by health-care, better by 0.8%, utilities, surging 0.6%, and materials, stronger by 0.5%.
The two laggards were industrials and real-estate, each down 0.2%>
ON WALLSTREET
Stocks edged higher on Monday, lifted by gains in some megacap technology stocks as traders entered a week dominated by corporate earnings and a Federal Reserve meeting.
The Dow Jones Industrials maintained gains of 82.48 points to 38,322.14.
The S&P acquired 14.59 points to 5,114.55.
The NASDAQ improved 54.07 points to 15,981.97.
Tesla jumped around 16.5% after clearing a key hurdle for full self-driving technology in China. Apple climbed more than 3% on the heels of a bullish upgrade from investment firm Bernstein. But gains were restricted as big tech peers Microsoft, Alphabet, Meta and Nvidia all traded lower.
Domino's Pizza popped more than 4% after reporting Monday morning that earnings topped analysts' expectations. Apple, McDonald's, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.
It is shaping up to be a strong earnings season. Of the more than 45% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations.
Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post announcement press conference with Chair Jerome Powell.
Prices for the 10-year Treasury advanced slightly, dropping yields to 4.63% from Friday's 4.66%. Treasury prices and yields move in opposite directions.
Oil prices sank 83 cents to $83.02 U.S. a barrel.
Gold prices gained $3.90 to $2,351.10.
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