Canadian stocks rose on Tuesday, tracking Wall Street peers higher after U.S. producer prices showed signs of cooling.
The TSX Composite gained 161.67 points to commence Tuesday trading at 20.083.48
The Canadian dollar eked higher 0.03 cents to 75.08 cents U.S.
Tech stocks led the charge, lifted most by Shopify, rocketing $3.56, or 7%, to $54.68, while Absolute Software acquired 55 cents, or 4.4%, to $13.12.
Health-care stocks also flourished, as Bellus Health jumped 41 cents, or 3.4%, to $12.46, while Tilray picked up 17 cents, or 3.1%, to $5.72.
Canadian crypto exchange Bitvo terminated its deal to be bought by FTX, which filed for bankruptcy last week.
On the economic slate, motor vehicle sales checked in at 130,421 units, down 4.5% from the 136,584 units sold in September 2021, and the lowest for September sales since 2009.
September’s wholesale trade rose 0.1% to $81.8 billion in September. The largest increases came from personal and household goods and food, beverage and tobacco subsectors
The Canadian Real Estate Association reported national home sales were up 1.3% on a month-over-month basis in October. Actual (not seasonally adjusted) monthly activity came in 36% below October 2021. CREA also said the number of newly listed properties edged up 2.2% month-over-month.
Lastly, Statistics Canada reported manufacturing sales were unchanged in September as higher sales in the aerospace product and parts and primary metal industries were largely offset by lower sales in the petroleum and coal and food industries.
ON BAYSTREET
The TSX Venture Exchange dropped 3.66 points to 598.09.
All 12 TSX subgroups gained ground, led by information technology, up 3.1%, health-care, ahead 2.1%, and consumer discretionary, better by 1.5%.
ON WALLSTREET
Stocks rose Tuesday after another report signaled that inflation could be slowing, reigniting a rally in equities.
The Dow Jones Industrials hiked 243.8 points to 33,780.50.
The S&P 500 progressed 56.31 points, or 1.4%, to 4,013.56
The NASDAQ vaulted 264.39 points, or 2.4%, to 11,461.01.
Elsewhere, Walmart shares jumped after the company beat Wall Street earnings and revenue estimates and boosted full-year guidance. Home Depot reported strong results too but kept guidance in place for the full-year. Its shares dipped slightly.
Taiwan Semiconductor, Louisiana-Pacific and Paramount also jumped after regulatory filings showed that Warren Buffett’s Berkshire Hathaway had bought new positions in the first two, and raised its stake in the last.
Earnings season continues this week with retail reports from Target, Lowe’s, Bath and Body Works, Macy’s, Kohl’s and Foot Locker on deck.
The produce price index, a measure of wholesale inflation, rose 0.2% for the month of October, versus the consensus estimate for a 0.4% increase from Dow Jones. The report comes after last week’s consumer price index data showed signs of inflationary pressure abating last month, sparking a sharp rally.
Prices for the 10-year Treasury fell hard, raising yields to 3.98% from Monday’s 3.87%. Treasury prices and yields move in opposite directions.
Oil prices docked 84 cents to $85.03 U.S. a barrel.
Gold prices faded three dollars to $1,773.90 U.S. an ounce.
