(MENAFN- Baystreet)
Stocks in Canada's largest market opened higher on Wednesday, set to rebound from the previous day's selloff, as strength in commodity-linked shares offset a risk-averse tone across global markets.
The TSX recovered 252.48 points to kick off the mid-week session at 30,030.30.
The Canadian dollars inched up 0.1 cents to 70.81 cents U.S.
In corporate news, Air Canada on Tuesday reported lower third quarter profit, as strike-related cancellations and soft U.S. travel demand weighed on results.
Shares in the“Maple Leaf Airline” stepped backward four cents to $18.72.
In a bid to combat tariffs and diversify trade, Prime Minister Mark Carney unveiled his first budget on Tuesday, including billions in spending that could increase the deficit by 116% this year.
ON BAYSTREET
The TSX Venture Exchange regained 9.81 points to 898.68.
All but one of the 12 TSX subgroups moved upward, led by gold, shinier 2.8%, energy, better by 2.1%, and materials, gaining 2%.
The lone holdout was in real-estate, down 0.3%.
ON WALLSTREET
The S&P 500 rose on Wednesday as chipmaker Advanced Micro Devices and other names in the artificial intelligence trade looked to rebound from valuation concerns that plagued the market in the prior day.
The Dow Jones Industrials recouped 103.59 points to begin Wednesday at 47,188.83.
The broader index regained 18.82 points to 6,790.13.
The NASDAQ jumped 117.04 points to 23,465.67.
AMD opened lower before ultimately turning positive after the company issued margin guidance that met analyst expectations. The company did post third-quarter earnings and revenue that beat analyst expectations. The stock was last up almost 1%.
Alongside AMD, others such as Broadcom and Micron Technology saw gains, reversing course from their losses in the previous session to jump about 3% and 6%, respectively. Leading AI players Nvidia and Oracle also recovered from Tuesday's losses to rise marginally Wednesday.
That move comes after Palantir dropped about 8% Tuesday, as investors worried that valuations for the software company - and the broader AI theme - have gotten untenable.
After all, Palantir is trading at more than 200 times forward earnings. The stock extended its losses Wednesday, dropping more than 3%.
Super Micro Devices, another AI-related stock, pulled back 7% on disappointing fiscal first-quarter results. Fellow AI play Arista Networks was down 7% following its latest quarterly results as well.
On the economic front, investors continued to seek clarity using alternative data in lieu of government reports. ADP reported Wednesday that private companies saw their payrolls rise by 42,000 in October. That figure beat the Dow Jones forecast for a gain of 22,000 and comes after September marked a drop of 29,000 in September.
Investors will additionally be paying attention to the Supreme Court hearing arguments Wednesday regarding President Donald Trump's tariffs, specifically whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA.
Treasury Secretary Scott Bessent has said that if the high court rules against the administration, there are still“lots of other authorities that can be used.”
Prices for the 10-year Treasury fell Wednesday, raising yields to 4.14% from Tuesday's 4.09%. Treasury prices and yields move in opposite directions.
Oil prices faded 33 cents to $60.23 U.S. a barrel.
Gold prices stretched $21.80 higher to $3,982.30 U.S. an ounce.

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