Stocks Recover from Rough Tuesday - InvestingChannel

Stocks Recover from Rough Tuesday

Stocks in Canada’s largest centre returned to the winner’s circle Wednesday after being ripped somewhat in the previous session, as energy issues received support from consumer stocks.

The TSX gained 69.29 points to conclude Wednesday’s session at 20,275.27.

The Canadian dollar eked up 0.02 cents to 74.49 cents U.S.

Energy stocks led the pack Wednesday, with Vermilion Energy advancing $1.07, or 5.6%, to $20.10, while Suncor Energy took on 89 cents, or 2.1%, to $42.62.

In consumer staples, Primo Water gained 30 cents, or 1.6%, to $35.99, while Empire Company added 66 cents, or 1.9%, to $35.99.

Utilities also finished strongly, with Superior Plus ahead 34 cents, or 3.5%, to $10.15, while ATCO moved forward 82 cents, or 2.2%, to $37.75.

Health-care weighed on the market, with Tilray sinking 21 cents, or 5.2%, to $3.85, while Bausch Health Companies ditched 34 cents, or 2.9%, to $11.61.

In consumer discretionary stocks, Linamar regressed $2.94, or 3.8%, to $74.42, while Aritzia sank 66 cents, or 2.7%, to $23.67.

In real-estate, Colliers International gave up $5.68, or 3.8%, to $144.20, while Tricon Capital weakened 42 cents, or 3.5%, to $11.58.

In the economic docket, Statistics Canada reported the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion.

ON BAYSTREET

The TSX Venture Exchange sagged 4.11 points to 603.55.

Eight of the 12 TSX subgroups flexed their muscles by the closing bell, led by energy, up 1.3%, consumer staples, ahead 1.1%, and utilities, better by 0.9%.

The four laggards were led by health-care, descending 2.5%, consumer discretionary, off 1.1%, and real-estate, weaker by 0.5%.

ON WALLSTREET

Stocks fell Wednesday as Wall Street awaited fresh inflation data coming later in the week.

The Dow Jones Industrials stumbled 190.54 points to end Wednesday at 35,123.95.

The S&P 500 dipped 31.67 points to 4,467.71.

The NASDAQ index fell 162.31 points, or 1.2%, to 13,722.02.

The NASDAQ has lost 4.4% since August began, while the S&P 500 ditched 2.6%,and Dow has slid1.2%. With Wednesday’s retreat, the

NASDAQ has moved into negative territory on the quarter. Still, all three indexes are notably higher than where each began 2023.

Penn Entertainment jumped 9.1% after the casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.

Roblox tumbled close to 22% after missing Wall Street expectations for its second quarter.

Those moves precede a much-anticipated U.S. inflation report, with July’s reading of the consumer price index slated for release Thursday.

Investors have kept an eye on the index in recent months for potential insights into how the Federal Reserve will move interest rates going forward. Economists polled by Dow Jones expect the inflation gauge rose 3.3% in July.

Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close. More than 90% of S&P 500 stocks have reported earnings as of Wednesday morning, and about four-fifths of those who have posted results have exceeded Wall Street’s expectations.

Prices for the 10-year Treasury gained slightly, lowering yields to 4% from Tuesday’s 4.02%. Treasury prices and yields move in opposite directions.

Oil prices grabbed $1.28 to $84.30 U.S. a barrel.

Gold prices fell $10.90 to $1,949 U.S. an ounce.

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