Stocks Hold Own at Open

Banks in Focus

Equities in Canada’s biggest market rose on Thursday ahead of a speech by Bank of Canada Governor Tiff Macklem, with wider sentiment also boosted by a rebound in tech-related stocks on Wall Street.

The TSX inched up 10.51 points to begin Thursday at 16,394.11.

The Canadian dollar eked up 0.11 cents to 76.14 cents U.S.

Canada's biggest banks are returning to a focus on managing expenses, with some resuming job cuts put on hold in response to the coronavirus pandemic and others deferring investments not deemed urgent.

CIBC shares, for example, ditched 32 cents to $103.58, while those for Royal Bank fell 26 cents to $97.24.

ON BAYSTREET

The TSX Venture Exchange advanced 9.47 points, or 1.3%, to 752.73.

Seven of the 12 TSX subgroups began the session negative, with utilities pointing lower 1%, while energy and communications each faded 0.4%.

The five gainers were led by health-care, up 0.9%, while materials and gold each climbed 0.5%.

ON WALLSTREET

Stocks in the U.S. rose on Thursday as tech shares continued their rebound following a torrid three-day selloff.

The Dow Jones Industrials marched higher 151.68 points to 28,092.15.

The S&P 500 gained 22.48 points to 3,421.44.

The NASDAQ Composite jumped 142.59 points, or 1.3%, to 11,284.15.

Apple shares were up 1.6%, building on a 4% jump from the previous session. Tesla was up 3.9% after surging nearly 11% on Wednesday. Earlier this week, Tesla suffered its worst day on record. Amazon, Netflix, Alphabet and Microsoft were also higher.

Thursday’s moves follow a broad rally for the market on Wednesday, with the S&P 500 posting its best day since June. The NASDAQ pulled itself out of correction territory after a selloff for major tech stocks dragged down the market for three straight sessions.

Traders also examined key unemployment data on Thursday.

The U.S. Labor Department said the number of first-time filers for unemployment benefits came in at 884,000. Economists polled by Dow Jones expected claims to come in at 850,000.

Prices for the 10-Year Treasury lost some ground, pushing yields up 0.71% from Wednesday’s 0.7%. Treasury Prices and yields move in opposite directions.

Oil prices gained 29 cents to $37.76 U.S. a barrel.

Gold prices raced 18 dollars to $1,972.90 U.S. an ounce.