By Ketki Saxena
Investing.com – In Toronto, the S&P/TSX Composite Index closed at 22,087.22 points, or up 0.50% in the day’s trading.
In New York, The Dow Jones Industrial Average was up 0.97%, the S&P 500 was up 1.26% and the NASDAQ was up 1.84%.
Equities rebounded today on news of progressing peace talks between Russia and Ukraine and robust U.S. economic data, including robust job vacancies and consumer confidence.
TSX Key Sectors
Canada’s commodity-heavy benchmark index continues to trade on a more mixed note than U.S. counterparts, driven by the slide in oil prices yesterday and today.
As of 4:00 p.m ET, WTI futures were trading at $105 a barrel or down 0.91% for the day, while Brent was trading at $108.47, or down 0.93% so far today. Losses in both crude benchmarks led the Canadian Energy Index down 0.32% in the day’s trading.
Materials (-0.54%) also led the TSX lower, with gold, which fell to $1911.60 (-1.45%) as investors sold the safe-haven asset.
Losses in energy and materials were offset by gains in heavyweight financials (+0.97%), tech (+3.04%), healthcare (+2.40%), consumer discretionary (+2.53%), and Real Estate (1.27%).
TSX Market Movers
The biggest gainers of the session on the S&P/TSX Composite were Cargojet Inc (TSX:CJT), which rose 13.18% or 21.54 points to trade at 185.03 at the close. WELL Health Technologies Corp (TSX:WELL) added 8.30% or 0.38 points to end at 4.96 and Lightspeed Commerce Inc (TSX:LSPD) was up 8.28% or 3.02 points to 39.49 in late trade.
Biggest losers included Nutrien Ltd (TSX:NTR), which lost 5.28% or 7.05 points to trade at 126.51 in late trade. Capstone Mining Corp (TSX:CS) declined 3.44% or 0.25 points to end at 7.02 and Parex Resources Inc (TSX:PXT) shed 3.37% or 0.93 points to 26.63.
In Bonds and Currencies
Yields on Government of Canada’s benchmark 10-year Treasury were at 2.49%, down 3.28% today while yields on GoC-5 year bonds were little changed at 2.473%.
Investors should note that yields on the 2-year U.S. Treasury rose above yields on benchmark 10-year U.S. Treasury note earlier today, for the first time since September 2019. The inversion of the 2 year and 10 year treasury yield curves has historically been considered an indicator of a recession to follow in 1-2 years.
As of 4:00 p.m ET, yields on the 2 year U.S. treasury were at 2.3707%, down 0.56% today. Yields on the 10 year U.S. Treasury were at 2.396%, down 3.26% today.
The yield curve on 5-year and 30-year US Treasuries also reversed yesterday for the first time since 2006.
At time of writing, the USD/CAD pair was down 0.12%, with 1.250 loonies to a greenback. Canada’s commodity currency gained against the USD today despite losses in oil, due to weakness in the American Dollar. The U.S. dollar index was down 0.68% so far today.