TSX Stronger Mid-Day

(MENAFN- Baystreet) TSX Gathers Slight Strength

  • Futures Eke up Wednesday
  • TSX Wanes Slightly
  • Stocks Struggling for Momentum
  • TSX Flat in First Hour Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, May 15, 2024

    TSX Stronger Mid-Day Bitfarms, Hut 8 in Focus
    Equities in Toronto moved higher on Wednesday, led by gains in Realestate
    shares as softer-than-expected U.S. inflation data cemented rate cut bets for this year.
    The TSX Composite Index strengthened 57.96 points to reach noon Wednesday at 22,301.30.
    The Canadian dollar jumped 0.28 cents at 73.52 cents U.S.
    The information Technology
    &sa=Search#1141' style='color:blue'> Technology

    edged higher, supported by a jump of 20 cents, or 9.1%, in Bitfarms to $2.40, and a rise of 96 cents, or 9%, in Hut 8 Corp to $11.61, after the Bitcoin
    &sa=Search#1141' style='color:blue'> Bitcoin

    miners reported higher first-quarter revenue. A more than 4% uptick in Bitcoin also supported the upward movement.
    Wednesday is a busy day on the economic calendar, with housing
    starts measuring 240,200 for April, compared to 242,300 in the prior-year quarter, while manufacturing
    sales declined 2.1% in March, mainly driven by lower sales of petroleum
    and coal
    products as well as motor vehicles. Sales of machinery posted the largest increase.
    The Canadian Real Estate Association told us Wednesday national home sales declined 1.7% month-over-month in April. Actual (not seasonally adjusted) monthly activity came in 10.1% above April 2023.
    The TSX Venture Exchange recovered 1.41 points by noon EDT to 601.29.
    All but three of the 12 TSX subgroups were in the green by noon hour, led by utilities, better by 1.4%, real-estate, clicking 1.1%, and information Technology
    &sa=Search#1141' style='color:blue'> Technology

    , improving 1%.
    The three laggards were health-care, ailing 0.4%, industrials, down 0.2%, and energy
    , 0.1% less energetic.
    The S&P 500 and NASDAQ Composite popped to record highs Wednesday, adding to their strong 2024 performances, boosted by a lighter-than-expected U.S. consumer inflation report.
    The Dow Jones Industrials popped 234.74 points to 39,792.85.
    The S&P 500 surged 43.09 points to 5,289.72.
    The tech-heavy index
    popped 160.73 points to 16,671.91.
    Market leaders such as Nvidia popped upon the inflation reading, with shares of the GPU manufacturer
    rising nearly 3%. Tech titans Apple, Microsoft and Netflix all added more than 1%.
    The CPI rose 0.3% for the month of April, less than the Dow Jones estimate for a 0.4% monthly increase. The gauge increased by 3.4% year over year, in line with expectations. Monthly and yearly numbers for core CPI, which excludes volatile food and energy
    prices, were both in line as well.
    The report boosted expectations for Federal Reserve rate cuts in the near future. Fed funds futures trading data now suggests a 51.7% likelihood that the U.S. central bank
    will ease rates at its September meeting. This is up from Tuesday's 44.9% chance of a rate cut the same month.
    Prices for the 10-year Treasury rocketed, lowering yields to 4.36% from Tuesday's 4.44%. Treasury prices and yields move in opposite directions.
    Oil prices squeezed higher 10 cents to $78.12 U.S. a barrel.
    Gold prices hopped $26.90 to $2,386.80.

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