Canada's main index advanced for a third straight session on Wednesday, boosted by commodity-linked stocks, while investors await more U.S. economic data this week to adjust their expectations for the Federal Reserve's monetary policy path.
The TSX Composite hiked 171.64 points to reach noon at 22,002.66.
The Canadian dollar eked higher 0.01 cents at 74.24 cents U.S.
Copper miners such as Ero Copper boosted the sector with a gain of $1.85, or 8%, to $24.85, as the prices of the red metal jumped to their highest in seven months after Chinese smelters agreed on a joint production cut.
Shares of Transcontinental gained 26 cents, or 1.8%, to $14.49, after the packaging firm beat first-quarter estimates for adjusted profit per share.
ON BAYSTREET
The TSX Venture Exchange gained 4.25 points to 557.82.
All but two of the 12 subgroups moved higher midday, with materials soaring 2.7%, gold up 2.2%, and energy 1.6% better.
Communications slid 0.9%, while utilities were off 0.1%.
ON WALLSTREET
The S&P 500 fell Wednesday, pulling back from a record reached in the previous session, as Nvidia cooled off from its red-hot rally to start 2024.
The Dow Jones Industrials reached higher 135.81 points to move into Wednesday afternoon at 39,141.10.
The broader index slid 5.42 points to 5,169.70.
The NASDAQ tumbled 92.61 points to 16,173,08.
Nvidia shares were down more than 2%. Shares of Meta and Apple fell slightly. Elsewhere, Dollar Tree lost 13% after the discount retailer released its fourth-quarter results. Investors will get more inflation data Thursday in the form of the producer price index for February.
Wall Street is coming off a winning session, with S&P 500 and NASDAQ popping more than rallied more than 1% on Tuesday, after February U.S. inflation data came in about in line with expectations.
Investors will get more inflation data Thursday in the form of the producer price index for February.
Prices for the 10-year Treasury lost ground, boosting yields to 4.19% from Tuesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.48 to $79.04 U.S. a barrel.
Gold prices spiked $11.30 to $2,117.40.
