Canada's main stock index went on kind of a rollercoaster ride on Wednesday, as energy companies carried the load, while health-care pulled the index back a bit.
The S&P/TSX Composite gained 32.9 points to reach lunch hour Wednesday at 20,723.71
The Canadian dollar stumbled 0.19 cents to 77.89 cents U.S.
Teck Resources jumped $5.68, or 12.6%, to $50.76, after the miner reported a five-fold jump in quarterly profit.
Cenovus Energy gained $1.31, or 6.2%, to $22.40, after the energy producer reported an over seven-fold jump in quarterly profit that surpassed Wall Street estimates and nearly tripled its dividend, as supply concerns boosted crude prices to multi-year highs.
ON BAYSTREET
The TSX Venture Exchange retreated 0.62 points to 811.70.
Eight of the 12 TSX subgroups were still higher midday, with energy hiking 1.9%, materials up 0.9%, and consumer discretionaries better 0.6%.
The four laggards were weighed most by health-care, sagging 0.7%, real-estate, trudging 0.4% lower, and financials, backing off 0.3%.
ON WALLSTREET
U.S. stocks rose in volatile trading Wednesday, a day after the Nasdaq Composite posted its worst daily loss since 2020, attempting to rebound from a tech-led selloff in April.
The Dow Jones Industrials moved into the plus column with a vengeance, gaining 244.15 points to 33,484.33.
The S&P 500 restocked 29.16 points to 4,204.36.
The NASDAQ Composite recovered 53.18 points to 12,543.92.
In April, the S&P 500 is down more than 7%. The NASDAQ has lost about 12%. The Dow has declined around 4%.
Microsoft boosted the major averages after strong earnings results. Shares jumped more than 6% after a better-than-expected quarterly report and optimistic forward revenue guidance.
Solar company Enphase Energy surged 5% and was a top gainer on the S&P 500 after an earnings beat.
Shares of Chinese companies also bounced back, dominating the NASDAQ’s leaderboard. Pinduoduo rose more than 7%, JD.com jumped more than 6%. Baidu gained more than 4%.
On the downside, Google parent Alphabet was the top declined on the NASDAQ after the tech giant’s earnings results missed consensus estimates. Shares fell more than 3%. Management warned on the conference call of another potentially weak quarter ahead.
Boeing also saw shares drop more than 7% after an earnings miss, the biggest laggard on the S&P 500 and the Dow.
Facebook parent Meta is set to report earnings Wednesday after the bell, with Apple and Amazon reporting earnings Thursday. Meta fell 2%, while Amazon was slightly lower and Apple was marginally higher.
The tech-heavy NASDAQ Composite is in bear market territory, sitting now roughly 22% below its high. The S&P 500 is more than 12% off its record and closed Tuesday below a key support level of 4,200.
In April, the S&P 500 is down around 7%. The NASDAQ has lost more than 11%. The Dow has declined around 3%.
Treasury prices sagged, lifting yields up to 2.79% from Tuesday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices docked 68 cents at $101.02 U.S. a barrel.
Gold prices sank $18.90 to $1,885.20 U.S. an ounce.
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