By Ketki Saxena
Investing.com -- The TSX tracked Wall Street higher as negotiations to raise the U.S. debt ceiling progressed, with investors appearing unfazed by data indicating slightly higher-than-expected US PCE reading.The commodity heavy Canadian index was also supported by a gain in crude, and stable precious metals prices.
Despite today's gains, the benchmark Canadian index is poised for its most significant weekly decline in over two months following several top lenders reporting disappointing results. This marks the fifth consecutive weekly loss for the TSX – its longest losing streak in more than a year.
The Biggest Stories on Bay Street
- Tilray (TSX:TLRY) Brands Inc.'s stock plummeted following the announcement of $150 million refinancing plans, causing the broader healthcare sector to tumble
- Canadian Western Bank (TSX:CWB) shares fell after announcing that it no longer anticipates meeting its annual pre-tax or pre-provision income targets and is now aiming for lower yearly growth compared to previous expectations.
- Anaergia Inc (TSX:ANRG).'s share price dropped after its Rialto Bioenergy Facility unit initiated restructuring proceedings.
Silvercorp Metals Inc (TSX:SVM).'s shares declined after missing analyst expectations on quarterly earnings and sales. - Teck Resources (TSX:TECKa) Ltd's stock gained after Nippon Steel Corp revealed that it is still in discussions with the mining company regarding a potential stake in Teck's high-grade coking coal asset, despite Glencore (LON:GLEN)'s bid for the miner.
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In Canadian Economics
Statistics Canada's early estimate for wholesale sales for April indicate a gain of 1.6%, driven by higher sales in the petroleum, petroleum products, and other hydrocarbons subsector.