TSX Fights its Way into Green

Markets in Canada struggled, but ultimately finished slightly in the green Thursday, as strength in tech and energy stocks overcame losses in gold stocks.

The TSX Composite Index edged higher 1.8 points to end Thursday at 28,434.80.

The Canadian dollar gathered 0.15 cents to 72.71 cents U.S.

Financials were among those in the public eye Thursday, in particular, TD Bank, whose bottom line was helped by lower cash reserves for bad loans. CIBC benefited from robust performance in its capital markets division.

TD shares dipped $4.74, or 4.5%, to $100.27, while those for CIBC gained $2.10, or 2%, to $105.91.

Techs performed well, as Celestica vaulted $14.60, or 5.2%, to $293.09, while Lightspeed Commerce sprang up 22 cents, or 1.3%, to $17.07.

In energy, Enerflex took on 40 cents, or 3%, to $13.86, while Suncor acquired 64 cents, or 1.1%, to $57.20.

In telecoms, Quebecor climbed 77 cents, or 1.9%, to $42.26.

Gold stocks pushed the index closer to breakeven, with Iamgold declining 27 cents, or 2.1%, to $12.35, while Novagold gave back 21 cents, or 2.3%, to $8.89.

In consumer staples, Premium Brands holdings dipped $1.11, or 1.2%, to $93.84, while Alimentation Couche-Tard dumped 97 cents, or 1.4%, to $68.83.

In industrial, Bombardier lost $2.89, or 1.8%, to $159.91, while Canadian National Railways threw off $1.96, or 1.5%, to $132.18.

On the economic front, Statistics Canada reported the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 32,900 (-0.2%) in June, following an increase of 18,500 (+0.1%) in May. On a year-over-year basis, payroll employment was up 41,000 (+0.2%) in June.

ON BAYSTREET

The TSX Venture Exchange eked up 4.15 points to 817.38.

Eight of the 12 TSX subgroups lost ground, as gold consumer staples and industrials each lost 0.6%.

Of the four gaining subgroups, information technology soared 1.1%, energy took on 0.4%, and telecoms edged up 0.1%.

ON WALLSTREET

The S&P 500 scored another record close on Thursday as traders pored over Nvidia’s earnings results and forecast. Investors largely looked at the numbers as affirming the AI boom.

The Dow Jones Industrials regrouped 71.67 points to adjourn Thursday at 45,636.90.

The broader index moved ahead 20.46 points to 6,501.86.

The NASDAQ surged 115.02 points to 21,705.16.

Nvidia – which makes up about 8% of the S&P 500– reported second-quarter results that beat Wall Street’s estimates with booming revenue growth of 56%.

There were a couple initial concerns: first, revenue for its data center business was a hair under estimates. Second, the company guided overall revenue for this quarter of $54 billion, only slightly above expectations of $53.1 billion.

Nvidia – which makes up about 8% of the S&P 500, per FactSet – reported second-quarter results that beat Wall Street’s estimates with booming revenue growth of 56%. There were a couple initial concerns: first, revenue for its data center business was a hair under estimates.

Second, the company guided overall revenue for this quarter of $54 billion, only slightly above expectations of $53.1 billion of analysts polled by LSEG.

Several semiconductor analysts became even more bullish about Nvidia, raising their price targets on the stock. JPMorgan, Citi and Bernstein were among the Wall Street firms that now see even greater upside for the chipmaker.

Other chipmakers that initially fell began recovering. Broadcom traded 3% higher, as did Micron Technology, signaling that many investors believe Nvidia’s results gave the greenlight for the AI trade to continue.

Meanwhile, shares of AI play Snowflake jumped around 21% after its second-quarter results surpassed expectations.

Prices for 10-year Treasury gained ground Thursday, weighing yields to 4.20% from Wednesday’s 4.24%. Treasury prices and yields move in opposite directions.

Oil prices gained 19 cents to $64.34 U.S. a barrel.

Gold prices gained $29.20 at $3,477.80 U.S. an ounce.