TSX Moves Forward
Canada's main stock index moved higher in choppy trading on Thursday, as investors cheered strong quarterly results of technology giant Microsoft and Meta amid an uncertain economic environment.
The TSX Composite Index revived 77.83 points to pause for lunch Thursday at 24,919.51.
The Canadian dollar slipped 0.26 cents at 72.24 cents U.S.
In corporate news, Alimentation Couche-Tard and Japan's Seven & i said they have signed a non-disclosure agreement that will give the Canadian company access to the Japanese retailer's financial data as it seeks a $47-billion acquisition.
Couche-Tard shares tailed off $1.13, or 1.6%, to $70.83.
Thomson Reuters shares gained $1.27 to $257.80, after it reaffirmed the 2025 financial forecast amid tariff-induced global economic turmoil.
In the economic docket, Markit reports its Manufacturing PMI in Canada decreased to 45.3 points in April from 46.3 points in March.
ON BAYSTREET
The TSX Venture Exchange shed 3.25 points to 650.37
Eight of the 12 subgroups were higher midday, led by information technology, up 2%, while energy gained 1.9%, and real-estate took on 0.9%.
The four laggards were burdened most by gold, which lost 3.5%, materials, off 2.3%, and telecoms, sliding 0.9%.
ON WALLSTREET
Stocks rose on Thursday after strong quarterly results from two Big Tech players eased concerns that artificial intelligence progress would slow amid economic turmoil.
The Dow Jones Industrials popped 297.49 points to 40,966.85.
The S&P 500 index perked 64.98 points to 5,634.04
The NASDAQ Composite soared 372.67 points, or 2.1%, to 17,819.01.
Investor fears that President Donald Trump’s tariffs and a downturn in the U.S. economy would threaten the AI trade were assuaged after Meta Platforms posted stronger-than-expected revenue in the first quarter, with Meta’s Chief Executive Mark Zuckerberg saying on an earnings call Wednesday that the business is “performing very well” and that it’s “well positioned to navigate the macroeconomic uncertainty.”
Microsoft also reported top- and bottom-line beats in the fiscal third quarter as well as strong results from its Azure cloud business. On top of that, the company offered upbeat guidance, further alleviating some concerns about tech companies’ performance in the months ahead. Those results sent shares up about 10%, while Meta shares advanced more than 5%. Other names like AI chip darling Nvidia also gained more than 3%.
Denting Thursday’s bullishness somewhat was a jump in weekly jobless claims to 241,000, more than the Dow Jones estimate of 225,000. That jump exacerbated further concerns about the economy after the weak first-quarter gross-domestic-product report earlier in the week and raises the stakes for April’s non-farm payrolls reading on Friday.
Prices for the 10-year Treasury fell back, raising yields to 4.23% from Wednesday’s 4.16%. Treasury prices and yields move in opposite directions
Oil prices moved higher 25 cents to $58.46 U.S. a barrel.
Prices for gold sank $104.70 to $3,214.40 U.S.
