(MENAFN- Baystreet) Stocks Start Day on Right Foot
Futures Fade as Miners Weigh
Stocks End Negative
Stocks Hammered by Shopify Weakness
Techs Drag TSX at Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 9, 2024
TSX at one-month High Wesdome, Quebecor in Focus Canada's main index jumped to its highest level in a month on Thursday, thanks to gains in communication stocks, while investors parsed through corporate earnings in the United States and Canada.
The TSX Composite spiked 135.68 points to pause for noon hour EDT Thursday at 22,394.84.
The Canadian dollar gained 0.22 cents at 73.07 cents U.S.
The communication services sector did well, powered by a 4.1% rise in Quebecor after the company beat first-quarter profit estimates.
Materials stocks were boosted by miners such as Wesdome Gold and Pan American Silver, which gained more than 6% each tracking higher prices of precious metals.
ON BAYSTREET
The TSX Venture Exchange took on 4.81 points to 594.83.
All but one of the 12 TSX subgroups were positive midday, with materials up 1.9%, gold better by 1.7%, and communications improving 1.4%.
Only information technology missed the party, down 0.5%.
ON WALLSTREET
Stocks were higher on Thursday as fresh data bolstered investors' hopes of easier Federal Reserve policy later this year.
The Dow Jones Industrials gained 185.19 points to 39,241.58, putting the 30-stock index on track for its seventh consecutive positive day for its longest winning streak of 2024.
The S&P 500 regained 16.21 points to 5,203.88.
The NASDAQ recovered 34.58 points to 16,337.34.
Home Depot and Caterpillar led the Dow higher as the stocks gained more than 1.5% each.
Weekly jobless claims data released Thursday came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year. Yields were mixed after the report, with the yield on the 10-year Treasury was up less than 1 basis point at 4.487% while the two-year Treasury yield dipped more than two basis points to 4.82%.
Earlier, a fresh batch of quarterly earnings reports came out below Wall Street's expectations, briefly dampening sentiment. Warner Bros Discovery slid 2% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb pulled back 7% after a weak guidance overshadowed a first-quarter beat.
Prices for the 10-year Treasury inched up, lowering yields to 4.49% from Wednesday's 4.5%. Treasury prices and yields move in opposite
directions.
Oil prices grew 44 cents to $79.43 U.S. a barrel.
Gold prices hiked $18.20 to $2,340.50.
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