(MENAFN- Baystreet) Markets Show Muscle
Futures Eke Higher Ahead of U.S. Jobs Numbers
Stocks Rise as Interest Rate Anxiety Eases
TSX Hikes on
energy Boost
TSX Wobbles at Thursday Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 3, 2024
TSX Continues in Green Open Text, Magna in Focus
Open Text, Magna in Focus
Canada's main stock
index jumped on Friday, led by gains in health-care shares, while the slowing U.S. jobs growth in April raised hopes of early interest rate cuts by the U.S. Federal Reserve.
The TSX Composite stayed higher 100.12 points mid-Friday at 21,923.34. On the week, however, the index is trailing last Friday's close by 44 points, or 0.2%.
The Canadian dollar ditched 0.07 cents at 73.19 cents U.S.
Back home, shares of Open Text dropped $7.16, or 14.8%, to $41.38 after several brokerages cut the target price on the software firm post its earnings update on Thursday.
Magna International was down $1.94, or 2.9%, to $64.26 after the auto parts supplier missed analysts' estimates for first-quarter profit and cut its full-year overall sales forecast as it navigates headwinds from supply chain snags.
On the flip side, Trisura Group was the top gainer on the benchmark index, rising $2.70, or 6.3%, to $45.33, after it reported its quarterly insurance revenue above market estimates.
TC Energy was up $1.51, or 3%, to $51.32, on beating first-quarter profit estimates, as strong energy demand boosted the pipeline operator's transport volumes of oil and gas.
Meanwhile, Greater Toronto area home sales fell in April for a third straight month and prices crept up, as over two-decade high interest rates kept the lid on housing market recovery in Canada's main metropolitan region.
ON BAYSTREET
The TSX Venture Exchange forged ahead 3.08 points to 583.50.
Eight of the 12 subgroups were higher, with health-care ahead 1.5%, while communications and utilities each took on 1%.
The four laggards were weighed most by gold and energy, each down 0.4%, consumer staples off 0.1%.
ON WALLSTREET
Stocks jumped sharply Friday after a softer-than-expected April jobs report boosted hopes that the Federal Reserve could start cutting interest rates soon.
The Dow Jones Industrials popped 438.85 points, or 1.2%, to move into noon hour at 38,664.51.
The S&P 500 galloped 59.92 points, or 1.2%, to 5,123.80.
The NASDAQ zoomed 301.06 points, or 1.9%, to 16,142.02.
Strong quarterly reports from major Dow components contributed to Friday's rally. Apple advanced 6.7% after it announced a $110-billion share repurchase and a top -and bottom-line beat. Biotech stock Amgen surged 12% after posting better-than-expected earnings and offering a positive update on an experimental obesity drug. Shares headed for their best day since 2009.
Friday's non-farm payrolls report showed 175,000 jobs gained in April, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate edged up to 3.9%, versus 3.8% in the prior month, according to the Bureau of Labor Statistics. Wage figures also came in less than expected - an encouraging sign for inflation.
With Friday's moves all the major averages are headed to finish the week with gains. The Dow and NASDAQ have added 1.2% each, while the S&P is up 0.3%.
Prices for the 10-year Treasury jumped, lowering yields to 4.51% from Thursday's 4.58%. Treasury prices and yields move in opposite directions.
Oil prices lost 61 cents $78.34 U.S. a barrel.
Gold prices retreated $5.30 to $2,304.30.
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