Canada's main stock index rose on Tuesday, as a more than 1.5% rise in crude prices lifted shares of energy companies.
The S&P/TSX Composite Index remained aloft 47.7 to greet noon at 15,023.23
The Canadian dollar ducked back 0.01 cents to 75.3 cents U.S.
Nuvista Energy picked up a penny to $4.36, while CES Energy Solutions gained 14 cents, or 4.1%, to $3.59.
On the earnings front, Crescent Point Energy fell 12 cents, or 2.7%, to $4.38, after the oil producer cut its 2019 capital budget by 30% compared to last year, blaming the recent decline in oil prices.
Magna International reclaimed three cents to $66.80, after the auto parts maker said its 2019 revenue will be impacted by the sale of its fluid pressure and controls business and stronger dollar.
First Majestic Silver Corp withered 81 cents, or 10.2%, to $7.12, the most on the TSX, after brokerage BMO downgraded the stock to "market perform".
The second biggest decliner was Stars Group, down 80 cents, or 3.4%, to $22.98.
On the economic calendar, the Canadian Real Estate Association reported this morning that national home sales fell 2.5% from November to December. Actual (not seasonally-adjusted) activity was down by 19% from one year ago.
ON BAYSTREET
The TSX Venture Exchange slipped 1.07 points to 601.85
Eight of the 12 TSX subgroups had turned higher by noon, as health-care soared 2.6%, while information technology and energy each surged 1.5%.
The four laggards were weighed most by gold, tumbling 1.8%, while materials sank 1.1%, and consumer discretionary, off 0.2%.
ON WALLSTREET
Stocks rose on Tuesday as Netflix led a rally in tech-related names after news that it would hike its monthly membership prices.
The Dow Jones Industrial Average leaped 178.57 points to 24,088.41, as Microsoft and UnitedHealth outperformed.
The S&P 500 regained 29 points, or 1.1%, to 2,611.61, as the tech sector climbed 1.1%.
The NASDAQ Composite spiked 115.17 points, or 1.7%, to 7,021.08
Shares of Netflix jumped 6% after a report said the company it would hike prices to its monthly memberships by 13% to 18%. This would be Netflix’s biggest price hike since it launched its streaming service more than a decade ago.
Facebook, Amazon, Apple and Alphabet rose more than 1% each.
Gains for the broader market were capped, however, after J.P. Morgan Chase reported lower-than-expected profit for the fourth quarter. The miss was J.P. Morgan’s first in 15 quarters. Shares of the bank dipped 1%.
Wells Fargo, meanwhile, posted earnings that topped expectations. Its sales, however, fell short of estimates. The bank also said it will operate under the Federal Reserve’s growth cap for longer than expected. Other banks, including Bank of America, Goldman Sachs and
Morgan Stanley are scheduled to report quarterly earnings later this week.
Investors came into this earnings season jittery after a massive selloff in December led analysts to trim their earnings estimates for the previous quarter as well as 2019.
So far, only 4.8% S&P 500 companies have posted calendar fourth-quarter earnings. Of those companies, 87.5% have topped expectations. But worries around earnings were somewhat quelled amid positive news from Netflix and out of China.
Meanwhile, China’s National Development and Reform Commission said on Tuesday it would aim to achieve "a good start" for the economy in the first quarter, lifting hopes of further economic stimulus.
Prices for the benchmark for the 10-year U.S. Treasury faded, raising yields to 2.72% from Monday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.28 to $51.79 U.S. a barrel.
Gold prices lost $3.10 to $1,288.20 U.S. an ounce.
Related Stories
