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TSX at Monthly Peak


Canada’s main stock index climbed to its highest level in nearly a month, pulled up by financial stocks, as investor sentiment remained upbeat on reviving hopes of interest rate cuts in the year.

The TSX Composite gained 57.1 points to pause for lunch Tuesday at 22,316.57.

The Canadian dollar backtracked 0.11 cents at 73.04 cents U.S.

Quarterly earnings will pick up more pace with Ballard Power Systems among others set to report their figures before the bell on Tuesday. Ballard shares peeked up two cents to $3.89.

Heavyweight financials climbed, pulled up by Brookfield Asset Management that rose 83 cents, or 1.5%, to $55.44.

On the corporate front, investors will now parse through corporate earnings that will pick pace this week in Canada, with Suncor Energy, Manulife Financial and Shopify set to report this week. Suncor shares dipped 17 cents to $52.96, Manulife nicked up 12 cents to $33.54., and Shopify tallied 41 cents to $106.09.

Cameco Corp climbed to the top of the index with a gain of $2.18, or 3.1%, to $71.50, after Bank of America added the company’s U.S.-listed shares to its US 1 list.

On matters economic, the IVEY PMI index hiked to 63 in April, well above the March reading of 57.5 and towering over the 56.8 figure for April 2023.

ON BAYSTREET

The TSX Venture Exchange strengthened 5.51 points to 595.61.

Eight of the 12 subgroups moved ahead, led communications, up 0.7%, while financial hiked 0.5%, and material stocks were better 0.4%.

The four laggards were weighed most by utilities, off 0.4%, while consumer staples and health-care each faded 0.2%.

ON WALLSTREET

Stocks rose Tuesday, lifted in part by declining Treasury yields, as traders looked for more clues on when the Federal Reserve may start cutting rates.

The Dow Jones Industrials jumped 64.26 points midday to 38,916.53.

The S&P 500 added 13.44 points to 5,194.18.

The NASDAQ took on 31.23 points to 16,3.

Disney shares fell more than 10% after the media and entertainment giant posted a slight revenue miss but exceeded quarterly earnings expectations. Shares of defense-technology firm Palantir plunged roughly 14.5% on weaker-than-expected guidance.

Peloton’s stock price jumped more than 13.5% on news that private equity firms have been considering a buyout of the fitness company.

Wall Street is coming off a winning session, with investors riding the momentum seen late last week after fresh U.S. jobs data alleviated concerns that the economy was too hot and Fed Chairman Jerome Powell ruled out an interest rate hike as the central bank’s next move.

To be sure, other conflicting economic data — such as an uptick in the employment cost index — indicate there are still questions surrounding the actual trajectory of inflation.

Prices for the 10-year Treasury jumped, lowering yields to 4.42% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.

Oil prices removed 18 cents to $77.30 U.S. a barrel.

Gold prices docked $8.60 to $2,322.60.



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