New Peak for TSX on Corporate Earnings
Equities in Canada’s largest market opened at a record high on Wednesday, boosted by corporate earnings, with global investors buying the dip after recent market weakness.
The TSX Composite Index galloped 368.8 points, or 1.3%, to begin the midweek session at 27,938.88.
The Canadian dollar captured 0.13 cents at 72.74 cents U.S.
Tech firms feasted in the first hour, as Shopify popped $35.55, or 20.3%, to $210.71.
Health-care issues did not fare so well, at least in the first hour, as Bausch Health Companies slipped eight cents, or almost 1%, to $8.12.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.68 points to 784.36.
Eight of the 12 TSX subgroups gained ground in the first hour, led by information technology, spiking 5.2%, energy, gushing 1.8%, and financials, up 0.4%.
The four laggards were weighed most by health-care and industrial stocks, each down 0.8%, and consumer staples, off 0.2%.
ON WALLSTREET
The S&P 500 rose on Wednesday as investors analyzed the latest batch of corporate earnings following a negative session on Wall Street.
The Dow Jones Industrial Average decreased 38.41 points to kick off Wednesday at 44,073.33.
The broader index regained 5.48 points to 6,304.67
The NASDAQ recovered 31.27 points to 20,947.82
Apple jumped 3% after a White House official confirmed that the iPhone maker is going to boost its investment in domestic manufacturing by $100 billion.
That brings its total U.S. investment to $600 billion over the next four years.
Among the other outperformers, McDonald’s moved 2% higher after the fast-food restaurant chain’s second-quarter results beat the Street’s estimates on the top and bottom lines. Same-store sales grew at the fastest pace in almost two years.
Arista Networks also rallied 14% on a stronger-than-expected report.
On the flip side, Snap shares tumbled 20% after revenue came in slightly below expectations, while Advanced Micro Devices fell 5% after posting adjusted earnings per share that missed estimates.
Those moves follow a losing day for the market, marking the S&P 500's fifth down day of the last six and the Dow’s sixth negative session of the past seven.
Prices for 10-year Treasury fell slightly, pushing yields up to 4.22% from 4.20%. Treasury prices and yields move in opposite directions.
Oil prices refreshed 66 cents to $65.82U.S. a barrel.
Gold prices tanked $7.10 at $3,427.60 U.S. an ounce.
