Canada’s main stock index rose on Tuesday as commodity prices rebounded and retail sales data for September came in line with expectations.
The TSX Composite came charging out of the starting gates, gaining 119.1 points to begin Tuesday at 20,096.23.
The Canadian dollar poked ahead 0.2 cents to 74.56 cents U.S.
On the economic calendar, Statistics Canada reports retail trade decreased 0.5% to $61.1 billion in September. Sales declined in seven of the 11 subsectors, led by sales at gasoline stations (-2.4%) and food and beverage stores (-1.3%). in September,
New housing prices declined by 0.2% month over month in October, following the 0.1% decline recorded in the previous month. Prices were up in five of the 27 census metropolitan areas (CMAs) surveyed, down in seven of them, and unchanged in the remaining 15. This was the first consecutive monthly decrease in the index since July 2019.
ON BAYSTREET
The TSX Venture Exchange recovered 3.05 points to 574.20.
Seven of the 12 TSX subgroups were positive, led by gold, surging 2.4%, materials, rumbling 2.3%, and utilities, stronger by 1.1%.
The five laggards were weighed most by health-care, down 1.5%, information technology, off 1.1%, and consumer discretionary, sliding 0.6%.
ON WALLSTREET
Stocks rose Tuesday morning as Wall Street looked past China COVID policies tightening and at a slew of earnings reports during a short week of trading for the Thanksgiving holiday.
The Dow Jones Industrials recovered from Monday’s losses in a big way, bouncing 271.99 points to 33,972.27
The S&P 500 restocked 25.94 points to 3,975.38, boosted by shares of Best Buy, which popped nearly 9% after the company hiked its 2023 fiscal outlook and beat earnings expectations.
The NASDAQ ticked higher 30.28 points to 11,054.79, but was weighed down by Zoom and Dollar Tree, which each slipped about 9%, Zoom reporting disappointing earnings and Dollar Tree suffering a lower-than-expected outlook.
China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.
Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.
Investors are also watching for earnings reports from HP Inc and Nordstrom after the bell. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Prices for the 10-year Treasury climbed, lowering yields to 3.78% from Monday’s 3.83%. Treasury prices and yields move in opposite directions.
Oil prices stayed soared $1.60 to $81.64 U.S. a barrel.
Gold prices brightened $5.20 to $1,744.80 U.S. an ounce.