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TSX tracks Wall Street lower as make-or-break NVIDIA earnings awaited

Published 2024-02-21, 02:51 p/m
Updated 2024-02-21, 02:51 p/m
© Reuters.

Investing.com — Canada's main stock index, the S&P/TSX Composite tracked Wall Street’s main indices lower on Wednesday. Tech continued to drag ahead of highly anticipated earnings from NVIDIA (NASDAQ:NVDA), with market participants fretting that results may be unable to justify valuations.

Minutes from the U.S. The Federal Reserve meanwhile also put a damper on sentiment, reiterating that the Fed is in no rush to cut rates as it awaits further indication of cooling inflation.

"Participants generally noted that they did not expect it would be appropriate to reduce the target range for the federal funds rate until they had gained greater confidence that inflation was moving sustainably toward 2%," the minutes showed.

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Toronto Stock Market News

First Quantum Minerals Ltd (TSX:FM) reported a net loss of US$1.45 billion or US$2.09 per share, for the quarter ended Dec. 31, compared with a profit of US$117 million, or US 17 cents per share a year earlier. The company was hit by the closure of its Cobre Panama mine and a $900 million impairment charge related to its nickel mining operations.

In related news, First Quantum is seeking US$20 billion from Panama in a free trade arbitration case, after the Panamanian government shut down the flagship mine last year. after the Central American nation shut down the company’s flagship copper mine late last year.

iA Financial (TSX:IAG) Group fell to the bottom of the TSX after reporting a net income of $248 million for the last quarter of 2023, up 37% from $181 million in the year ago quarter but below analyst expectations. Earnings per share were $2.46, up 44% from $1.71 a year earlier.

Gildan Activewear (TSX:GIL) Inc reported a fourth-quarter profit of $153.3 million, up from $83.9 million a year earlier. The profit amounted to 89 cents per diluted share for the quarter ended Dec. 31, up from 47 cents per diluted share a year earlier. Net sales totalled $782.7 million, up from $720.0 million.The company also announced it will raise its quarterly dividend of 20.5 cents per share, up from 18.6 cents per share.

TD (TSX:TD) Cowen raised its target price on Air Canada (TSX:AC) to $34 from $30.

CIBC (TSX:CM) cut its target price on First Quantum Minerals (TSX:FM) to $14 from $15.

National Bank Financial reiterated an Underperform rating and $210.00 price target on Thomson Reuters (TSX:TRI)

Desjardins reiterated a Buy rating and$10.25 price target on SilverCrest Metals (TSX:SIL)

Stifel Canada reiterated a Buy rating and $61.00 price target on TC Energy (TSX:TRP)

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Advantage Oil and Gas (TSX:AAV)
  • NuVista Energy (TSX:NVA)
  • ARC Resources (TSX:ARX)

Top Losers on the TSX Today:

  • iA Financial Corporation Inc (TSX:IAG)
  • Wheaton Precious Metals (TSX:WPM)
  • goeasy (TSX:GSY)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No major Canadian economic data today.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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