Canada's main stock index opened higher on Thursday, boosted by materials stocks tracking higher prices of metals, while investors parsed through corporate earnings in the U.S. and Canada.
The TSX Composite recovered 101.44 points to open Thursday at 22,360.60.
The Canadian dollar gained 0.17 cents at 73.01 cents U.S.
Nutrien, the world's biggest fertilizer producer, beat first-quarter profit estimates on Wednesday. Nutrien shares began Thursday up $2.78, or 3.7%, to $78.92.
Manulife Financial on Wednesday reported better than expected quarterly profit boosted by a robust performance in its Asia business and wealth management unit. Manulife shares hiked 98 cents, or 2.9%, to $34.58.
ON BAYSTREET
The TSX Venture Exchange eked up 1.21 points to open at 591.23.
All but two of the 12 TSX subgroups were positive in Thursday’s first hour, with communications springing 1.6%, materials up 1.2%, and gold better by 0.8%.
The two laggards were information technology and health-care, each down 0.4%.
ON WALLSTREET
Stocks were slightly higher on Thursday as traders weighed disappointing earnings against new data that gave Wall Street hope of easier Federal Reserve policy later this year.
The 30-stock index gained 155.19 points to 39,211.58.
The S&P 500 regained 7.98 points to 5,195.65.
The NASDAQ fell 11.53 points to 16,291.23.
Weekly jobless claims came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year.
A fresh batch of quarterly earnings reports came out below Wall Street’s expectations. Warner Bros Discovery slid 2% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb pulled back 7% after a weak guidance overshadowed a first-quarter beat.
Wall Street is coming off a mixed session, with the Dow notching a six-day winning streak and the S&P 500 closing lower for the first time in five days.
Prices for the 10-year Treasury inched up, lowering yields to 4.49% from Wednesday’s 4.5%. Treasury prices and yields move in opposite directions.
Oil prices grew 45 cents to $79.44 U.S. a barrel.
Gold prices hiked $18.60 to $2,340.60.
