Equity markets in Toronto opened higher on Tuesday, as upbeat earnings by SSR Mining lifted materials sector, while investors awaited the U.S. Federal Reserve's meeting this week.
The S&P/TSX Composite began Tuesday ahead 95.24 points to 20,787.46.
The Canadian dollar acquired 0.15 cents to 77.83 cents U.S.
SSR shares hiked $2.27, or 8.4%, to $29.22.
Nutrien on Monday raised its full-year earnings forecast well above estimates after posting a more than 10-fold jump in first-quarter profit, as the world's largest fertilizer company benefits strongly from soaring prices of crop nutrients.
Nutrien shares spiked $2.88, or 2.3%, to $130.71.
Restaurant Brands International beat estimates for quarterly revenue on Tuesday, boosted by higher prices and increased traffic at the Burger King parent's restaurant chains as more consumers stepped out of their homes and resumed pre-pandemic habits.
Restaurant Brands shares docked $1.64, or 2.2%, to $71.69.
Citigroup raised the price target on Air Canada to $25.50 from $24.50. The Maple Leaf airline had liftoff of 22 cents, or 1%, to $22.31.
ATB Capital Markets raised target price on Cargojet to $230.00 from $225.00. Cargojet climbed $1.34 to $154.93.
National Bank of Canada raises target price on TMX Group to $141.00 from $139.00. TMX shares jumped $2.85, or 2.2%, to $133.20.
ON BAYSTREET
The TSX Venture Exchange recovered 1.49 points to 793.17
All but two of the 12 TSX subgroups were higher, with energy racing 1.3%, materials better by 0.9%, and gold up 0.7%.
The two laggards were consumer discretionary stocks, down 0.5%, and industrials, fading 0.2%.
ON WALLSTREET
U.S. stocks were little changed on Tuesday morning as investors looked forward to a pivotal Federal Reserve meeting.
The Dow Jones Industrials retreated 129.23 points to 32,932.27.
The S&P 500 eked up 1.57 points to 4,156.95.
The NASDAQ Composite improved 13.08 points to 12,549.09.
Those moves come ahead of a widely anticipated Federal Reserve decision on Wednesday.
Wall Street is largely expecting interest rates the central bank to raise rates by 50 basis points this week, while some investors believe expectations of aggressive monetary tightening from the central bank are already priced into markets.
The expected rate hike comes as there are growing concerns about the global economy, due in part to China’s lockdowns and the war in Europe.
Corporate earnings reports were spurring individual stock moves on Tuesday.
Shares of Avis Budget jumped more than 6% after the car company surpassed earnings expectations on the top and bottom lines.
Chegg’s stock price tumbled nearly 30% after the textbook company issued weak guidance for the full year despite exceeding earnings expectations.
Elsewhere, shares Clorox and DuPont both rose in early trading after their reports.
Airbnb, AMD, Lyft and Starbucks are expected to report earnings after the bell Tuesday.
Traders will also watch for the latest reading of the Job Openings and Labor Turnover data that is expected on Tuesday. Data on auto sales for April is also expected on Tuesday.
Treasury prices grew, lowering yields to 2.93% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices dipped 30 cents to $104.87 U.S. a barrel.
Gold prices recovered from Monday’s beating, picking up $6.30 to $1,869.90 U.S. an ounce.
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