Stocks Charge Higher

Equities in Canada’s largest centre were solidly in the green in Thursday, with resource stocks mostly showing the way.

The TSX Composite Index gained 176.67 points to close Thursday at 28,055.43.

The Canadian dollar backpedaled 0.17 cents to 71.91 cents U.S.

Gold led the clutch of winning subgroups, with Alamos Gold galloping $1.85, or 5%, to $38.62, while Iamgold claiming 45 cents, or 4%, to $11.78.

Among materials, Orla Mining grabbed 96 cents, or 7.2%, to $11.40, while NGEx Minerals climbing $1.12, or 5.7%, to $20.85.

In the energy patch, Athabasca Oil jumped 23 cents, or 4.2%, to $5.90, while Tamarack Valley gained 18 cents, or 3.5%, to $5.39.

Health-care stocks put a brake on this momentum, with Bausch Health Companies backing up nine cents to $10.43, while Sienna Senior Living dipped four cents to $17.97.

In consumer staples, Empire Company slid $1.75, or 3%, to $55.74, while Loblaw dished off 37 cents to $58.77.

In the real-estate section, First Capital REIT lost 19 cents, or 1%, to $19.06, while Altus Group dipped 44 cents to $60.45.

The annual Fed conference begins Thursday and will host central bankers from around the world; investors will watch Fed Chair Jerome Powell's speech on Friday for clues to upcoming monetary policy moves.

In macroeconomic news, Statistics Canada said its Industrial Product Price Index rose 0.7% month over month in July and increased 2.6% year over year.

Its Raw Materials Price Index increased 0.3% month over month in July and grew 0.8% year over year.

ON BAYSTREET

The TSX Venture Exchange popped 18.72 points, or 2.4%, to 786.33.

All but three of the 12 TSX subgroups gained on the day, with gold sprinting 2.2%, materials stronger by 2%, and energy surging 1.6%.

The three laggards proved to be health-care, ailing 0.4%, consumer staples, off 0.2%, and real-estate, fading 0.1%.

ON WALLSTREET

Stocks fell broadly on Thursday, with the S&P 500 sliding for a fifth day in a row, as traders look to Federal Reserve Chair Jerome Powell’s speech on Friday.

The Dow Jones Industrials tumbled 152.81 points to conclude Thursday at 44,785.50.

The broader index sank 25.61 points to 6,370.17.

The NASDAQ lost 72.55 points to 21,100.31.

The S&P 500 is down 0.8% this week, while the NASDAQ has lost about 2.1%. The 30-stock Dow is roughly flat week to date.

Walmart shares dipped more than 4% after the retailer missed the Street’s expectations for quarterly earnings, a first since May 2022. The company reported sales that surpassed estimates, however.

The market this week has been pressured by heavy bout of tech selling. Investors took in profits from high-flying names including Nvidia, Palantir and Meta Platforms

Investors are looking to hear from Federal Reserve Chair Jerome Powell on Friday at the central bank’s annual economic symposium in Jackson Hole, Wyo., where he could offer insights into the path of interest rates. Fed funds futures are pricing in a nearly 74% likelihood of the central bank cutting interest rates at its next policy gathering in September.

Minutes from Fed’s July meeting showed policymakers are worried about the state of the labor market and inflation, though most agreed that it was too soon to lower interest rates. Fed governors Christopher Waller and Michelle Bowman dissented against holding rates steady, marking the first time two board members have done so since 1993.

Prices for 10-year Treasury fell Thursday, hiking yields to 4.33% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices gained 70 cents to $63.41 U.S. a barrel.

Gold prices dropped $4.80 at $3,383.50 U.S. an ounce.