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TSX declines as commodities weigh while Wall Street roars higher on Meta megaboost

Published 2024-02-02, 02:57 p/m
Updated 2024-02-02, 02:57 p/m
© Reuters.

Investing.com — Canada's main stock index, the S&P/TSX Composite index declined as a slide in crude and metals prices pressured the commodity tilted Canadian index.

Wall Street's main indices meanwhile roared higher, driven by optimism surrounding quarterly earnings from tech companies, particularly Meta (NASDAQ:META). Risk-sentiment remained robust, even as hotter than expected US nonfarm payrolls further dampened hopes of a March rate cut from the Fed.

Toronto Stock Market News

Shares of Shopify (TSX:SHOP) rose following a bullish research report and price target upgrade from analysts at Wells Fargo (NYSE:WFC). Analysts reinforced their overweight rating on Shopify, and raised the price target from $80 to $90 per share.

Imperial Oil (TSX:IMO) reports fourth quarter results after yesterday’s closing bell. Imperial reported revenue and other income for the quarter at $13.11 billion, down from $14.45 billion this time last year. The company also reported its highest quarterly output levels in over 30 years.

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Aritzia (TSX:ATZ)
  • Shopify Inc (TSX:SHOP)
  • Brookfield Business (TSX:BBUC)

Top Losers on the TSX Today:

  • Athabasca Oil (TSX:ATH)
  • Tilray (TSX:TLRY)
  • Interfor Corp (TSX:IFP).

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No Major Canadian economic data.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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