Canada’s main stock index rose on Thursday, on track to snap a three-day losing streak, as a slew of upbeat earnings, including from insurer Manulife and telecom operator Rogers Communications, lifted investor sentiment, while an uptick in oil prices also pushed energy shares higher.
The TSX Composite jumped 178.1 points to open Thursday at 19,708.31.
The Canadian dollar gained 0.15 cents at 72.66 cents U.S.
ON BAYSTREET
The TSX Venture Exchange regained 3.67 points to 517.72.
All but one of the 12 TSX subgroups were lower, with materials shooting up 1.8%, communications ahead 1.5%, and energy better by 1.4%.
Only health-care faded, down 0.2%.
ON WALLSTREET
The S&P 500 hovered near the flatline on Thursday as the broad-market index tried to build on its longest winning streak since November 2021.
The Dow Jones Industrials lost 97.68 points to 34,014.59.
The much-broader index sank 6.62 points to 4,376.16, threatening an eight-session win streak.
The NASDAQ retreated 5.97 points to 13,644.44.
Disney rose 4% after reporting better-than-expected profit and expanding its cost-cutting plan, while Arm dipped 6% following its first quarterly report as a public company. Lyft dropped 6% as bookings came in worse than anticipated and the rideshare platform said it expects further weakness. Meanwhile, MGM Resorts rose 3% on strong results and a new share buyback program.
The moves follow a muted but momentous day on Wall Street. The S&P and tech-heavy Nasdaq finished up about 0.1% each, notching their lengthiest stretch of positive sessions in two years. The Dow finished down by about 0.1%, snapping a seven-day run of gains.
In other news, initial filings for jobless benefits released Thursday showed a decline of 3,000. Traders are looking ahead to remarks from a slate of Federal Reserve officials — including chair Jerome Powell — throughout the day.
The culmination of third-quarter earnings season continues after the bell with reports from Wynn Resorts, Illumina and Unity Software.
Prices for the 10-year Treasury fell back, raising yields to 4.55% from Wednesday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.15 to $76.48 U.S. a barrel.
Gold prices gained six dollars to $1,963.80.