👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Stocks Charge Ahead to Start Week

Published 2024-09-09, 12:26 p/m
© Reuters.  Stocks Charge Ahead to Start Week
US500
-
DJI
-
BA
-
DELL
-
JPM
-
CAD/USD
-
AMZN
-
COST
-
NVDA
-
BAM
-
GSPTSE
-
MX
-
NVA
-
SIA
-
EQB
-
AOI
-
ATD
-
TLRY
-
DND
-
PLTR
-
BITF
-

Baystreet.ca - Equities came out of their funk in a big way Monday, with all subgroups except energy taking part in the festivities.

The TSX Composite Index popped 245.72 points, or 1.1%, to close Monday at 23,027.15.

The Canadian dollar were unchanged at 73.73 cents U.S.

Methanex (TSX:MX) slid $4.56, or 7.9%, to $53.04, after the methanol producer agreed to buy Dutch green fuel maker OCI Global's methanol business for $2.05 billion.

Alimentation Couche-Tard said it was open to engage in talks with Japanese retail giant Seven & i Holdings after the latter rejected former's $38.5 billion takeover. Couche-Tard shares gathered $1.06, or 1.4%, to $77.92.

Health-care concerns led the parade of gainers, as Tilray (TSX:TLRY) picked up 11 cents, or 5%, to $2.31, while Sienna Senior Living (TSX:SIA) collected 22 cents, or 1.4%, to $16.38.

In the financial realm, Brookfield Asset Management (TSX:BAM) leaped $1.84, or 3.3%, to $57.21, while EQB triumphed $2.52, or 2.6%, to $98.52.

In the technology world, Bitfarms gained 18 cents, or 7.4%, to $2.63, while Dye & Durham improved 67 cents, or 5.1%, to $13.92.

Energy stocks held things back, with Africa Oil skidding six cents, or 3.2%, to $1.80, while Nuvista Energy faded 27 cents, or 2.3%, to $11.43.

ON BAYSTREET

The TSX Venture Exchange perked 3.74 points to 548.96.

All but one of the 12 TSX subgroups were stronger, led by health-care, rocketing 1.6%, while financials and information technology each surged 1.4%.

Only energy failed to muster strength, subsiding 0.2%.

ON WALLSTREET

U.S. stocks jumped on Monday after investors bought the dip following Wall Street’s worst week of the year, betting that a likely Federal Reserve rate cut later this month would bolster a slowing economy. Technology shares, among the hardest hit stocks last week, were Monday’s top performers.

The Dow Jones Industrial index leaped 484.18 points, or 1.2%, to end Monday at 40,829.59.

The S&P 500 index regained 62.64 points, or 1.2%, to 5,471.06. It was the benchmark’s first gain in five days.

The NASDAQ climbed 193.77 points, or 1.2%, to 16,884.60, paced by a 3% jump in Nvidia (NASDAQ:NVDA). The AI darling lost 14% last week.

Outside of tech, retailers, banks and industrial shares also mounted a comeback as investors believe a rate cut would give a boost to the flagging consumer. JPMorgan Chase (NYSE:JPM), Costco (NASDAQ:COST), Amazon (NASDAQ:AMZN) and Boeing (NYSE:BA) were among the winners on Monday. Palantir (NYSE:PLTR) and Dell Technologies popped 13.5% and 4.8%, respectively, after S&P Dow Jones Indices said late Friday the stocks will join the S&P 500.

This week, investors will watch out for two key inflation reports that could further inform the Federal Reserve’s decision at its next open market committee meeting. August’s consumer price will see the light of day Wednesday, and the producer price report is slated for release on Thursday morning.

Prices for the 10-year Treasury gained some ground, lowering yields to 3.71% from Friday’s 3.72%. Treasury prices and yields move in opposite directions.

Oil prices took on 89 cents to $68.56 U.S. a barrel.

Gold prices picked up $9.40 to $2,5340.

This content was originally published on Baystreet.ca

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.