(MENAFN- Baystreet) Stocks Struggling for Momentum
TSX Flat in First Hour
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TSX Weakens by Noon Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, May 14, 2024
TSX Wanes Slightly Hudbay, Pason in Spotlight Markets in Toronto limped home Tuesday in a somewhat listless fashion, as investors did not quite share the same optimism of their American cousins, looking ahead to inflation reports later in the week.
The TSX Composite Index slid 15.83 points to wind up Tuesday at 22,243.34.
The Canadian dollar nicked up 0.08 cents at 73.25 cents U.S.
Energy weighed most on the markets, with Pason Systems fading 29 cents, or 1.8%, to $15.45, while Kelt Exploration slid 13 cents, or 2.2%, to $5.67.
In industrial concerns, MDA gave back 33 cents, or 2.4%, to $13.21, while GFL Environmental dropped $1.60, or 3.6%, to $42.72.
In utilities, Brookfield Renewables handed over 90 cents, or 2.4%, to $36.45, while Brookfield Infrastructure Partners slid 80 cents, or 1.9%, to $40.95.
Materials picked up the slack, somewhat, with Hudbay Minerals surging $1.69, or 14.1%, to $13.71, while shares in First Quantum popped $1.56, or 8.7%, to $19.53.
In gold stocks, NovaGold grabbed 26 cents, or 6.6%, to $4.19, while Torex Gold gained 55 cents, or 2.8%, to $20.45.
Health-care stocks also made it into the plus column, with Tilray hiking 14 cents, or 5.2%, to $2.85, while Chartwell Retirement Residences tacked seven cents to $12.68.
On the economic calendar, wholesale trade fell 1.1% to $81.4 billion in March.
ON BAYSTREET
The TSX Venture Exchange recovered 3.03 points to close the session at 599.88.
The 12 TSX subgroups were split down the middle, with materials up 1.7%, health-care up 1.4%, and gold better by 0.9%.
The half-dozen laggards were weighed most by energy, sagging 1.2%, while industrials and utilities each faded 0.6%.
ON WALLSTREET
Stocks rose Tuesday following the release of fresh U.S. economic data, while investors waited for another key inflation report.
The Dow Jones Industrials sprang 126.14 points to 39,557.65.
The S&P 500 surged 25.17 points to 5,246.59.
The NASDAQ climbed 122.94 points to 16,511.18.
Shares of GameStop soared $18.30, or 60.1%, extending their rally from Monday, when they gained 74%. GameStop ended Tuesday at $48.75.
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 4.44% from Monday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 97 cents to $78.15 U.S. a barrel.
Gold prices soared $19.20 to $2,362.20.
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