Stocks Gain Early Afternoon - InvestingChannel

Stocks Gain Early Afternoon

Canada’s benchmark stock index rose marginally on Monday aided by gains in commodity-linked stocks but investors remained wary of big bets ahead of domestic consumer inflation data later this week and concerns over the U.S. debt ceiling deadlock.

The TSX took on 120.68 points by mid-afternoon Monday to 20,540.30.

The Canadian dollar surged 0.57 cents to 74.29 cents U.S.

However, Centerra Gold fell 13.2% and logging its worst day in over nine months after the precious metals miner missed quarterly profit estimates.

Among other movers, Northern Dynasty Minerals tanked a penny or 3.2%, to 30 cents, logging its worst day in over a week after the miner raised doubts over its ability to continue as a going concern.

Meanwhile, a report by the Canadian Mortgage and Housing Corporation showed April housing starts rose 261,559, above expectations by economists Reuters had polled.

Statistics Canada said wholesale sales excluding petroleum fell 0.1% to $85.6 billion in March. The decrease in sales was mainly led by the miscellaneous subsector and machinery equipment and supplies subsector.

ON BAYSTREET

The TSX Venture Exchange settled back 0.92 points to 616.92.

All but two of the 12 TSX subgroups were positive just after lunch hour, with energy gushing 1.5%, materials ahead 1.2%, and information technology gaining 1%.

The two laggards were consumer staples, down 0.7%, and communications, off 0.1%.

ON WALLSTREET

The S&P 500 rose to start the week Monday as traders assessed ongoing debt ceiling negotiations.

The Dow Jones Indusrials climbed to within 9.86 points of breakeven to at 33,290.76.

The much-broader index eked up 5.26 points to 4,129.34.

The NASDAQ Composite gained 60.65 points to 12,345.39.

In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

Elsewhere, corporate earnings season is drawing to a close, but some major retail reports this week will give investors further insight into the state of the consumer. Home Depot reports Tuesday, Target Wednesday and Walmart Thursday.

On Monday, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.

Prices for the 10-year Treasury withered, hoisting yields to 3.50% from Friday’s 3.46%. Treasury prices and yields move in opposite directions.

Oil prices jumped $1.20 to $71.24 U.S. a barrel.

Gold prices grabbed $2.20 to $2,022 U.S. an ounce.

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