Baystreet.ca - Equities in Canada’s largest centre went in the opposite direction to their American cousins, as bank strength pointed the way upward. The S&P/TSX Composite Index moved upward 173.73 points by Thursday’s end to 22,071.71.
The Canadian dollar hiked 0.19 cents at 73.09 cents U.S.
Financials led the brigade of gaining stocks, with EQB accelerating $10.66, or 13.5%, to $89.49, while CIBC (TSX:CM) shares were catapulted $4.53, or 7%, to $69.19. Utilities were next, with Innergex (TSX:INE) Renewable triumphing 72 cents, or 8.2%, to $9.55, while Boralex (TSX:BLX) jumped $2.30, or 7.1%, to $34.92. Among gold plays, NovaGold (TSX:NG) grabbed 37 cents, or 7.1%, to $5.58, while Kinross Gold (TSX:K) gained 19 cents, or 1.7%, to $11.10.
Only tech shares fell behind, with Descartes falling $9.16, or 6.8%, to $124.73, while Docebo (TSX:DCBO) staggered $2.34, or 4.7%, to $47.38.
In matters economic, payroll numbers came out for March, and showed the number of employees receiving pay and benefits from their employer increased by 51,400 (+0.3%) in March following an increase of 14,600 (+0.1%) in February. On a year-over-year basis, payroll employment was up by 232,100 (+1.3%) in March.
ON BAYSTREET The TSX Venture Exchange gained 5.94 points, or 1%, to 614.96. All but one of the 12 subgroups were positive, with financials stronger 1.9%, while utilities grabbed 1.5%, and gold shone brighter 0.9%. Only information technology lost ground, faltering 1.8% at that.
ON WALLSTREET Stocks closed lower Thursday, as Salesforce logged its worst day in around two decades. Traders also looked ahead to the release of key U.S. inflation data.The Dow Jones Industrial Average lost 330.06 points to close Thursday at 38,111.48.The S&P 500 slid 31.47 points to 5,235.48.The NASDAQ ditched 183.5 points, or 1.1%, to 16,737.08. Salesforce plunged nearly 20% after missing revenue expectations for the fiscal first quarter and providing a weak outlook, on track for its worst session since 2004.
Artificial intelligence darling Nvidia (NASDAQ:NVDA) also slid more than 2%, flirting with its first negative session following its blockbuster earnings report last week.Despite the rocky week, the indexes are all on track to end the trading month, which also concludes with Friday’s closing bell, higher. The NASDAQ Composite has improved nearly 7% and S&P 500 has jumped about 4%, in May. The Dow has risen 0.8% in the month. All three indexes hit record highs in May.
Investors are looking toward Friday’s release of the personal consumption expenditures price index report for April, which is the Federal Reserve’s preferred inflation gauge. Prices for the 10-year Treasury strengthened, lowering yields to 4.55% from Wednesday’s 4.74%. Treasury prices and yields move in opposite directions. Oil prices shed $1.33 to $77.90 U.S. a barrel. Gold prices docked $1.20 to $2,362.90.