TSX Keeps Win Streak

HUT, Canaccord in Focus

Tuesday proved another strong session for the TSX, as tech and consumer stocks carted the index higher for the third straight day.

The TSX triumphed 342.09 points, or 1.8%, to 18,937.71.

The Canadian dollar sprang up 0.66 cents to 77.69 cents U.S.

As mentioned, techs proved the star of the show Tuesday, with HUT 8 Mining springing 30 cents, or 13.3%, to $2.56, while Converge Tech Solutions gathered 22 cents, or 4%, to $5.69.

In financials, Canaccord picked up 29 cents, or 3.4%, to $8.79, while goeasy Ltd. jumped $4.49, or 4.4%, to $105.80.

In consumer discretionary issues, Magna International advanced $4.40, or 6%, to $77.97, while Aritzia grabbed $1.34, or 3.7%, to $37.20.

Only utilities let the boat sink, with Brookfield Infrastructure Partners LP Units doffing 51 cents, or 1%, to $48.20.


The TSX Venture Exchange picked up 9.14 points, or 1.5%, to 606.34

All but one of the 12 TSX subgroups were positive on the day, as information technology leaped 2.3%, consumer discretionary stocks ballooned 2.2%, and financials rocketed 2.1%.

Only utilities missed the party, shying away 0.3%.


Stocks rallied Tuesday, with the market resuming a bounce from last month’s lows, as traders bet on strong corporate earnings reports, and wagered that markets have found a bottom.

The Dow Jones Industrials skyrocketed 754.44 points, or 2.4%, to 31,827.05.

The S&P 500 spiked 105.84 points, or 2.8%, to 3,936.69.

The NASDAQ Composite leaped 353.10 points, or 3.1%, to 11,713.15.

All three major averages are above their 50-day moving averages for the first time since April.

Investors are betting that stocks have reached a bottom after their steep declines this year, and as the latest round of earnings reports showed businesses are working through economic pressures better than feared in the second quarter.

Meanwhile, stocks absorbed a weaker-than-expected print in U.S. housing starts, which fell 2% in June to a seasonally adjusted annual rate of 1.559 million units.

Bank stocks outperformed with shares of Truist Financial and Citizens Financial Group each jumping more than 2% on the back of strong results. Goldman Sachs rose 5.6%. Bank of America advanced 3.4%, and Wells Fargo collected 4.2%.

Meanwhile, shares of Halliburton climbed 2.1% as sharply rising oil prices this year helped lift profits for the oilfield services company in its most recent quarter.

Hasbro reported earnings per share that beat analyst expectations, though the toymaker’s revenue for the previous quarter came in a tad below expectations, according to consensus estimates.

Shares of IBM fell 5.3% after the tech company lowered its forecast for cash flow, with IBM finance chief Jim Kavanaugh citing the U.S. dollar and a suspension of business in Russia.

Still, the company reported results that beat Wall Street’s earnings and revenue estimates.

Johnson & Johnson shares declined 1.5% after the pharmaceutical giant blamed a stronger dollar while cutting its full-year revenue and profit guidance. The company reported better-than-expected top- and bottom-line results.

As of Tuesday morning, roughly 9% of S&P 500 companies have reported calendar second-quarter earnings. Of those, about two-thirds have beaten analyst expectations.

Shares of Netflix popped 5.6% ahead of the streaming company’s earnings report scheduled for after the close.

Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those scheduled to report.

Treasury prices fell backward, raising yields to 3.02% from Monday’s 2.997%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.48 to $104.08 U.S. a barrel.

Gold prices ended the session unchanged at $1,710.20 U.S. an ounce.