Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

TSX Picks up Where Left Off

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

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

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.