Baystreet.ca - Equities in Toronto hit a record high on Wednesday as energy shares gained after the killing of a Hamas leader ratcheted up tensions in the Middle East, while markets shifted focus to U.S. Federal Reserve's rate decision later in the day.
The TSX Composite Index rose up 214.9 points to reach noon EDT Wednesday at 23,039.57.
The Canadian dollar moved ahead 0.21 cents at 72.41 cents U.S.
In corporate updates, Precision Drilling (TSX:PD) Corp soared $7.81, or 7.9%, to $107.25 after company reported second-quarter results, while Oceanagold Corp fell 22 cents, or 6%, to $3.36.
Cameco (TSX:CCO) slid 10 cents to $61.25, after the Canadian uranium supplier reported an adjusted earnings per share of 14 Canadian cents in second quarter versus year-ago loss of three cents.
Economically speaking, Statistics Canada reported GDP grew for the fourth time in five months, increasing 0.2% in May, as both goods-producing and services-producing industries expanded in the month.
ON BAYSTREET
The TSX Venture Exchange jumped 6.16 points, or 1.1%, to 579.09.
All but one of the 12 TSX subgroups were positive, with information technology ahead 2.3%, energy soaring 2.1%, and gold jumping 1.7%.
The lone laggard was in real-estate, retreating 1%.
ON WALLSTREET
Stocks jumped Wednesday as major tech names were led higher by Nvidia (NASDAQ:NVDA) and readied for the Federal Reserve’s latest monetary policy decision.
The Dow Jones Industrials were propelled higher by 237.02 points to 40,980.35.
The S&P 500 index rocketed 92.55 points, or 1.7%, to 5,528.99.
The NASDAQ popped 438.95 points, or 2.6%, to 17,588.74.
Nvidia shares gained 10.8%, clawing back some of this month’s losses, as better-than-expected results from rival Advanced Micro Devices (NASDAQ:AMD) stoked optimism in the semiconductor space. Other tech stocks such as Apple (NASDAQ:AAPL), Meta (NASDAQ:META) Platforms and Amazon (NASDAQ:AMZN) were also higher. Microsoft (NASDAQ:MSFT), however, pulled back roughly 1% on disappointing quarterly cloud revenue.
Boeing (NYSE:BA) added more than 2% after announcing a new chief executive officer. The aerospace company also reported a wider-than-expected loss and disappointing revenue for the second quarter. Humana (NYSE:HUM), meanwhile, slid about 9% after posting weak guidance.
Carvana and Qualcomm (NASDAQ:QCOM) are among the names set to report after the close.
The Fed is slated to wrap its two-day policy meeting Wednesday. The central bank is expected to keep rates steady at the meeting, but the focus will be on chair Jerome Powell and whether he offers any signs that cuts may be on the near horizon.
Jobs data released Wednesday hinted at a slowing economy and supported central bankers’ efforts to reduce inflation. Private job growth slowed further in July as the pace of wage gains dropped to a three-year low, according to the latest ADP (NASDAQ:ADP) report.
Prices for the 10-year Treasury gained slightly, with yields falling to 4.10% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices perked $2.48 at $77.21 U.S. a barrel.
Gold prices shone brighter $15.40 to $2,467.300