TSX Keeps Streak Alive

Shopify, Tilray Among Big Winners

(CORRECTS TSX VENTURE CLOSE )

Another day, another record for stocks in Toronto, as muscle from tech and health-care pushed the market past its highest reading yet again.

The S&P/TSX Composite Index gained 65.22 points, to finish Tuesday’s session at 22,074.35, yet another all-time high close for the index.

The Canadian dollar gained 0.09 cents to 79.52 cents U.S.

In the tech sector, Quarterhill acquired 23 cents, or 11% to $2.33, while Shopify took on $56.14, or 6.5%, to $916.71.

In health-care plays, Tilray added 43 cents, or 6.4%, to $7.14, while Aurora Cannabis picked up 24 cents, or 5.5%, to $4.61.

In consumer stocks, Canada Goose Holdings flew $1.37, or 4.2%, to $34.14. while BRP spiked $2.78. or 3.1%, to $92.61.

Resource stocks did not come out so well Tuesday, as Dundee Precious Metals sagged 29 cents, or 3.6%, to $7.71, while K92 Mining dove 42 cents, or 4.9%, to $8.21

In gold, New Gold lost seven cents, or 3%, to $2.26, while NovaGold gave up 16 cents, or 1.6%, to $9.76.

Energy failed, too, as Secure Energy Services slid 16 cents, or 2.9%, to $5.38, while Tamarack Valley Energy retreated 13 cents, or 2.4%, to $5.22.

On the macroeconomic calendar, Statistics Canada reported its raw materials price index rose 6.0% month over month in February and 29.8% year over year.

The agency’s industrial product price index rose 3.1% month over month in February and 16.4% year over year.

ON BAYSTREET

The TSX Venture Exchange added 7.66 points Tuesday to 871.68.

Eight of the 12 TSX subgroups were positive Tuesday, with information technology towering 3.1% over Monday’s close, health-care up 2.8%, and consumer discretionary ahead 1.3%.

The four laggards were weighed most by materials, down 1.2%, gold, losing 1.1%, and energy, wallowing 0.6%.

ON WALLSTREET

U.S. stocks rebounded Tuesday as traders digested Federal Reserve Chair Jerome Powell’s latest rate hike comments.

The Dow Jones Industrials leaped 254.47 points to 34,807.46, led by Nike’s post-earnings report gain.

The S&P 500 hiked 50.43 points, or 1.1%, to 4,511.61

The NASDAQ Composite advanced 270.36 points, or 2%, to 14,108.82.

The three major averages are on pace to finish the month positive. The S&P 500 is up 3.1% in March, while the Dow and NASDAQ are each more than 2% higher on the month.

Stocks are coming off a volatile session Monday, as Powell said “inflation is much too high” and vowed to take “necessary steps” to curb inflation. The comments came less than a week after the Fed raised rates for the first time since 2018.

Some market participants raised their expectations for rate hikes following Powell’s comments. Goldman Sachs on Monday upped its forecast to 50 basis point hikes at the May and June Fed meetings.

Bank stocks rose Tuesday along with interest rates. JPMorgan gained 2.1%, and Bank of America rose 3.1%.

Technology stocks, which struggled Monday after Powell’s comments, rebounded Tuesday. Big Tech names Alphabet, Meta and Amazon all gained more than 2%, providing support to the indexes.

Nike shares moved up 2.2% after the retailer reported a beat on the top and bottom lines for its fiscal third quarter, buoyed by strong demand in North America.

Investors on Tuesday continued to watch the situation in Eastern Europe, with President Joe Biden saying Russian President Vladimir Putin’s back is “against the wall” as the war with Ukraine nears a stalemate.

Treasury prices slumped, raising yields to 2.38% from Monday’s 2.30%. Treasury prices and yields move in opposite directions.

Oil prices fell 82 cents to $111.30 U.S. a barrel.

Gold prices dropped $7.70 to $1,921.80 U.S. an ounce.