Toronto Stocks Climb with Investors Weighing U.S. Inflation Data
Canada's main stock index rose on Tuesday, led by gains in technology stocks, as investors assessed U.S. inflation data and its impact on monetary policy outlook.
The TSX Composite Index jetted 143.99 points to break for lunch Tuesday at 25,676.17
The Canadian dollar changed directions and gained 0.7 cents at 71.59 cents U.S.
In corporate news, WonderFi is up nine cents, or 35.3%, to 34 cents after retail trading platform Robinhood said it will buy the Canadian crypto firm for $250 million.
ON BAYSTREET
The TSX Venture Exchange dipped 4.8 points to 670.18.
The 12 subgroups were evenly split midday, with energy leaping 1.7%, information technology shooting up 1.3%, and industrials up 1%.
The half-dozen laggards were weighed most by telecoms, sliding 1.2%, health-care, flopping 0.7%, and utilities, descending 0.6%.
ON WALLSTREET
The S&P 500 rose Tuesday, clawing back into positive territory for the year, as investors extended the sharp gains seen in the previous session due to easing U.S.-China trade tensions.
The Dow Jones Industrials lost 151.31 points Tuesday, at 42,258.59, as a 16% drop in UnitedHealth pressured the benchmark.
The much-broader index gained 50.38 points to 5,894.57. Tuesday’s gain put the S&P 500 up 0.1% for 2025. At one point, the index was down more than 17% for the year, as trade tensions dented investor confidence in equities.
The NASDAQ Composite gathered 302.83 points, or 1.6%, to 19,011.17, aided by a more than 5% rise in shares of Nvidia. Meta Platforms was also among Tuesday’s outperformers, rising more than 2%, along with Netflix. Amazon shares were also up 2%.
Chevron shares could see reduced upside from here following its recent share buyback cut, according to HSBC.
Johnson & Johnson’s stock fell at the market’s open. The stock is up more than 6% year to date.
A proposed rule from the Centers for Medicare & Medicaid Services is bad news for Johnson & Johnson’s Darzalex Faspro therapy, according to Leerink Partners. The draft says combination treatments are protected for 13 years from the date that the original compound was approved, not when the combination therapy was cleared for use.
The consumer price index, a broad measure of goods and services costs across the U.S. economy, increased 2.3% on an annualized basis in April. Economists polled by Dow Jones expected inflation to remain at a 2.4% rate last month on a year-over-year basis. Excluding food and energy, so-called core inflation ran at a 2.8% annual rate, which matched consensus estimates and was also unchanged from the prior month.
That report comes after Wall Street enjoyed a huge rally Monday after the U.S. and China agreed to slash steep tariffs for 90 days, raising hopes a trade war won’t tip the economy into a recession.
Prices for the 10-year Treasury lost some ground, raising yields to 4.5% from Monday’s 4.47%. Treasury prices and yields move in opposite directions
Oil prices gained $1.48 to $63.43 U.S. a barrel.
Prices for gold jumped $28.80 to $3,256.80 U.S.
