Stocks Find Feet by Noon

Parkland, Teck in Focus

Canada's main stock index acquired some momentum by midday Tuesday, despite fears of further curbs on business activity amid a global surge in coronavirus infections and simmering tensions between U.S. and China.

The S&P/TSX Composite Index gained 56.02 points to by noon to 15,695.43.

The Canadian dollar docked 0.04 cents at 73.44 cents U.S.

The largest percentage gainers on the TSX were Parkland Corp., which jumped $1.23, or 3.7%, to $34.40, and Innergex Renewable Energy, which rose 50 cents, or 2.6%, to $19.88.

First Quantum Minerals fell 24 cents, or 1.8%, the most on the TSX, to $13.39. The second biggest decliner was Teck Resources, down 14 cents to $15.05.

As Mexico celebrated a new trade deal with the United States and Canada on July 1, a group of Canadian energy investors warned their government that Mexico could already be violating the agreement for failing to respect contracts.

Moreover, Canada and the U.S. are reportedly set to extend a ban on non-essential travel that was imposed to fight the coronavirus outbreak, although a final decision has not been taken.


The TSX Venture Exchange came off its lows of the morning, but was still behind Monday’s close by 3.85 points to 662.64.

Eight of the 12 TSX subgroups were higher by lunch time, with energy gushing 3.2%, gold shining brighter 2.7%, and materials up 1.8%.

The four laggards were weighed most by information technology, off 1.5%, while health-care declined 1.3%, and real-estate slid 1.1%.


The Dow Jones Industrial Average rose on Tuesday, led by shares of JPMorgan Chase after the banking giant reported stronger-than-forecasted quarterly results. However, the broader market struggled as losses among major tech stocks mounted.

The 30-stock index climbed 300.69 points, or 1.2%, to 26,386.49, hitting its session high after Florida reported a 3.3% increase in coronavirus cases, which is below a seven-day average of 4.6%.

JPMorgan Chase rose more than 1% after posting earnings and revenue that beat analyst expectations. The bank’s strong results were driven in part by a 79% surge in trading revenues amid the market’s volatile swings in the second quarter. Strong trading revenues also led to better-than-expected results from Citigroup, but the stock dipped 1.8%.

Chevron and Exxon Mobil contributed to the Dow’s gains, jumping more than 2% each. Boeing, McDonald’s and Caterpillar were all up at least 1.9% as well.

The S&P 500 regained 15.11 points to 3,170.33

The tech-heavy NASDAQ regained strength, picking up 5.83 points to 10,396.67.

Facebook, Apple, Amazon and Netflix slid at least 0.7% each. Alphabet and Microsoft fell 1.1% each. Those losses added to a broad decline for Big Tech that started on Monday and evaporated a massive rally for the broader market.

Prices for the 10-Year Treasury gained ground, lowering yields to 0.61% from Monday’s 0.63%. Treasury prices and yields move in opposite directions.

Oil prices resurfaced 24 cents to $40.34 U.S. a barrel.

Gold prices shed $1.40 to $1,812.70 U.S. an ounce.