Equities in Toronto climbed in choppy trading midday Tuesday, as gains in consumer-related shares offset losses in energy stocks, while investors assessed U.S. economic data amid rising expectations of a Federal Reserve rate cut.
The TSX shot higher 223.19 points to move into Tuesday afternoon at 30,827.54.
The Canadian dollar retreated 0.15 cents to 70.86 cents U.S.
On the trade front, Canada and India are close to finalizing a uranium export agreement in a deal valued at about $2.8 billion U.S.
In company news, Barrick Gold has agreed to a 244-billion-CFA-francs ($430 million U.S.) settlement with Mali to resolve all disputes over the Loulo-Gounkoto gold mining complex.
Barrick dipped 67 cents, or 1.2%, to $55.26.
Convenience store operator Alimentation Couche-Tard jumped $3.70, or 5.2%, to $74.63 after beating estimates for second-quarter profit.
ON BAYSTREET
The TSX Venture Exchange changed gears and gained 0.09 points Tuesday noon to 880.56.
All but one of the 12 TSX subgroups began the afternoon in the green, led by consumer staples, ahead 2.7%, consumer discretionary stocks, up 2%, and industrials, stronger by 1.5%.
The lone laggard proved to be energy, 0.7% less energetic.
ON WALLSTREET
The S&P 500 rose on Tuesday following a winning day on Wall Street thanks to gains in artificial intelligence-linked names and renewed hopes of a Federal Reserve interest rate cut.
The Dow Jones Industrials shot higher 485.82 points, or 1.1%, to 46,934.09.
The much-broader index regrouped 36.1 points to 6,741.26.
The NASDAQ surged 28.23 points to 22,900.24.
The stock market is closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Nvidia shares were down more than 6% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares rose more than 2% on the report.
Monday marked a strong session for the three major averages. The S&P 500 gained about 1.6% on Monday, while the NASDAQ jumped 2.7% and recorded its best day since May 12 as major tech names rebounded after what’s been a tough month for the sector.
The Dow closed higher by more than 200 points, or 0.4%, meanwhile.
Nvidia shares were down more than 4% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips.
Alphabet extended its gains Tuesday from the previous session, which saw the Google parent score a new record high and the NASDAQ record its best day since mid-May.
Chipmaker Broadcom was the S&P 500's biggest gainer Monday after the stock surged more than 11%.
Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses.
Separately, traders continue to watch for any news that can affect the Federal Reserve’s upcoming monetary policy decision. Markets are pricing in a more than 80% chance of a quarter percentage point cut from the Fed in December,
Prices for the 10-year Treasury gained ground, lowering yields to 4% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.14 to $57.70 U.S. a barrel.
Gold prices brightened $46.20 to $4,140.40 U.S. an ounce.
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