Equities in Canada’s largest centre edged higher on Wednesday, boosted by consumer discretionary and technology stocks, as investors awaited U.S. inflation data later this week for potential clues on interest rate cuts.
The TSX Composite inched higher 26.47 points to move into noon hour at 20,997.45.
The Canadian dollar squeezed up 0.04 cents to 74.72 cents U.S.
Dragging the health-care sector down were shares of cannabis company Tilray Brands, tumbling 26 cents, or 9%, to $2.57, extending losses from the previous session.
CIBC cut its rating on Canadian National Railway to “neutral” from “outperformer”, while Barclays raised its target price on the railroad operator to $170 from $155. Shares in the railway dipped 25 cents to $165.46.
Africa Oil Corp shares rose 14 cents, or 5.9%, to $2.52, after the company announced a farmout transaction for its offshore Namibia interests.
ON BAYSTREET
The TSX Venture Exchange gained one point to 555.42.
Seven of the 12 subgroups lost ground during the morning, with health-care fading 2%, while gold dulled 0.6%, and materials lost 0.4%.
The five gainers were led by information technology, ahead 0.9%, consumer discretionary stocks, better by 0.8%, and consumer staples, up 0.5%.
ON WALLSTREET
Stocks traded slightly higher Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.
The Dow Jones Industrials remained positive 36.04 points to open Wednesday afternoon at 37,561.20.
The S&P 500 remained in the green 8.2 points to 4,764.70.
The NASDAQ improved 42.64 points to 14,900.35.
Intuitive Surgical took on more than 5% and Lennar gained 3%, Intuitive increased its procedure growth outlook for fiscal year 2024 after market close on Tuesday, when Lennar had also announced an increase to its annual dividend.
Cryptocurrency exchange Coinbase and Marathon Digital fell more than 1.5% each, as bitcoin prices declined. The price movement came on the back of an incorrect announcement posted to the U.S. Securities and Exchange Commission’s X account, saying that it had approved bitcoin ETFs.
The latest consumer price index report is slated for release Thursday. Economists polled by Dow Jones expect CPI rose 3.2% year over year in December.
Investors will look through the reports for clues on when the Federal Reserve may start cutting rates. Some of those expectations have been dialed back in recent days, although experts say the odds hover at around 64%.
Prices for the 10-year Treasury fell slightly, moving yields upward to 4.02%, from Tuesday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices forged ahead five cents to $72.29 U.S. a barrel.
Gold prices dipped $1.40 to $2,031.60.