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TSX Picks up Where Left Off

Published 2024-05-21, 06:37 a/m
© Reuters.  TSX Picks up Where Left Off

Baystreet.ca - Canada's main stock index opened higher on Tuesday, as investors cheered slowdown in country's annual inflation rate to a three-year low that boosted bets for a June interest rate cut, while the energy shares fell tracking lower crude prices.The TSX gained 71.49 points to begin a short week at 22,526.86.

The Canadian dollar backpedaled 0.18 cents at 73.22 cents U.S. On the economic calendar, Statistics Canada said the consumer price index rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. On a seasonally adjusted monthly basis, the CPI rose 0.2% in April.

ON BAYSTREET The TSX Venture Exchange leaped 7.65 points, or 1.2%, to 622.82.Seven of the 12 TSX subgroups were in positive territory in the first hour, led by gold, shining 1.3% brighter, materials, stronger by 1.1%, and information technology, better 0.4%. The four laggards were weighed most by health-care, slipping 1.2%, communications down 0.7%, and consumer staples, off 0.1%. Financials were unchanged at the open Tuesday.

ON WALLSTREET The NASDAQ fell slightly on Tuesday, easing from the record levels seen in the previous session, as Nvidia (NASDAQ:NVDA) dipped a day before its key earnings report.The Dow Jones Industrials gained 47.4 points to open Tuesday at 39,854.17. The S&P 500 gained 1.58 points to 5,309.71.The NASDAQ Composite subtracted 22.28 points to 16,772.59.

Nvidia shares pulled back 1% prior to its earnings report Wednesday after the close. Analysts are expecting the semiconductor giant to post another strong batch of results.

Palo Alto Networks also dropped more than 5% on Tuesday. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.Those moves come after a mixed day on Wall Street. The NASDAQ notched intraday and closing records, while the Dow fell on the back of steep declines in JPMorgan Chase (NYSE:JPM) shares.

Prices for the 10-year Treasury slipped, raising yields to 4.41% from Monday’s 4.44%. Treasury prices and yields move in opposite directions. Oil prices shed 75 cents to $79.05 U.S. a barrel. Gold prices dipped $8.90 to $2,429.60.

This content was originally published on Baystreet.ca

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