(MENAFN- Baystreet) Stocks Struggling for Momentum
Futures Point to Flat Open
TSX Investors Take Profits Monday
TSX Weakens by Noon
Stocks Enjoy Slight Gains to Open Week Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, May 14, 2024
TSX Flat in First Hour GameHost Again in Spotlight Canada's main stock
index opened slightly up on Tuesday, supported by a rise in material and healthcare stocks, while investors assessed stronger-than-expected producer prices data from the U.S. that dampened hopes of interest rate cuts this year.
The TSX Composite Index eked up 4.21 points to 22,263.38.
The Canadian dollar took on 0.15 cents at 73.32 cents U.S.
On the corporate front, Centerra Gold reported a 35% jump in first-quarter revenue and said the gold mining company was well positioned to achieve its 2024 guidance. Centerra gained 15 cents, or 1.6%, to $9.03.
On the economic calendar, wholesale trade fell 1.1% to $81.4 billion in March.
ON BAYSTREET
The TSX Venture Exchange recovered 2.82 points to open Tuesday's trading at 599.67.
Eight of the 12 TSX subgroups were in the plus column, led by health-care, darting upward 3.1%, while materials surged 1.1%, and communications grew 0.5%.
The four laggards were weighed most by energy, sagging 0.6%, information technology, flagging 0.5%, and utilities, giving up 0.2%>
ON WALLSTREET
Stocks traded higher on Tuesday as traders looked for clarity on future Federal Reserve policy moves after April's producer price index rose more than expected.
The Dow Jones Industrials gained 64.75 points to 39,496.26.
The S&P 500 picked up 11.18 points to 5,232.60.
The NASDAQ strengthened 69.74 points to 16,457.98.
Shares of GameStop soared 63%, extending their rally from Monday, when they gained 74%.
The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.
Prices for the 10-year Treasury gained a bit of ground, pushing yields down to 4.46% from Monday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 60 cents to $78.52 U.S. a barrel.
Gold prices soared $12.70 to $2,355.70.
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