Baystreet.ca - Equities in Toronto poked higher, recovering from initial losses, in the materials sector as copper prices slid, offsetting a rebound in technology stocks that followed their Wall Street peers.
The TSX Composite Index regained 28.89 points to begin Thursday’s trading at 22,880.06.
The Canadian dollar dipped 0.03 cents to 73.07 cents U.S.
In corporate news, Dundee Corporation announced the acquisition of 9.76 million common shares of Greenheart Gold. Dundee shares didn’t budge in the first hour from Wednesday’s close of $1.30.
ON BAYSTREET
The TSX Venture Exchange recovered 0.97 points to 589.14.
Seven of the 12 TSX subgroups were in plus territory, with communications and health-care each improving 0.8%, while real-estate grew 0.5%.
The five laggards were weighed most by materials, fading 0.9%, while gold dulled in price 0.5%, and consumer discretionary stocks eased back 0.1%.
ON WALLSTREET
The NASDAQ Composite advanced Thursday, as the tech-heavy benchmark looked rebound from its worst session since 2022.
The Dow Jones Industrials climbed 120.31 points to 41,318.39
The S&P 500 index regained 22.17 points to 5,619.44.
The NASDAQ recouped 73.85 points to 18,070.77.
These moves come after the NASDAQ tumbled 2.8% in its worst day since December 2022 on Wednesday, closing below 18,000 for the first time since July 1.
Thursday’s trading offers a respite from recent days, with Wall Street shares of artificial intelligence plays as the growing likelihood of a September interest rate cut from the Federal Reserve bolstered optimism in the broader market. That’s particularly helped small-cap and more cyclical names, which are seen as bigger beneficiaries a lower borrowing costs.
In corporate news, Discover Financial popped 2% after its second-quarter results topped expectations. Beyond Meat (NASDAQ:BYND) tumbled close to 9% after The Wall Street Journal reported, citing people familiar, that the meat substitute company is meeting with bondholders to begin discussions about restructuring its balance sheet.
Prices for the 10-year Treasury waned, raising yields to 4.17% from Wednesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices sagged 33 cents at $82.52 U.S. a barrel.
Gold prices strengthened $8.30 to $2,468.20.