(MENAFN- Baystreet) TSX Hangs in There
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 Enjoys Only Tentative Gains Cargojet, Gildan in Focus 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 forged a gain of 7.78 points to begin Monday and the week at 21,977.02.
The Canadian dollar sagged 0.06 cents at 73.17 cents U.S.
Corporate earnings in Canada will also be featured with Cargojet, Gildan Activewear and Barrick Gold among others set to report their quarterly figures throughout the week.
Cargojet shares eked up two cents to $115.61, while Gildan tallied six cents to $48.32, and Barrick shed a nickel to $23.31.
RBC downgraded Enerplus Corp to "sector perform" from "outperform". Shares in Enerplus lost 20 cents to $27.86.
ON BAYSTREET
The TSX Venture Exchange edged forward 4.8 points to 591.35.
Eight of the 12 subgroups were higher, led by health-care, better by 0.8%, while communications and real-estate each prospered 0.7%.
The four laggards were weighed most by gold, down 0.8%, materials, sliding 0.4%, and energy, off 0.1%.
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 jumped 118.46 points to begin a new week at 38,358.12.
The S&P acquired 19.1 points to 5,119.06.
The NASDAQ improved 53.54 points to 15,981.44.
Tesla jumped almost 11% 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. On the other hand, big tech peers Microsoft, Alphabet, Meta and Nvidia all traded lower.
Domino's Pizza popped nearly 3% after reporting that per-share earnings topped analysts' expectations. Beyond Domino's, 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 4.64% from Friday's 4.66%. Treasury prices and yields move in opposite directions.
Oil prices sank 59 cents to $83.26 U.S. a barrel.
Gold prices poked up $1.70 to $2,348.90.
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