Canada's main stock index climbed on Wednesday, supported by higher oil prices and upbeat February retail sales data, even as investors awaited the outcome of the U.S. Federal Reserve policy meet.
The TSX leaped 157.96 points to open Wednesday at 19,333.05.
The Canadian dollar continued its march, taking on 0.14 cents to 80.75 cents U.S.
Shopify reported a 110% jump in first-quarter revenue that also trounced analysts' estimates, as its e-commerce platform profited from the past year's COVID-19 driven boom in online selling. Shopify shares vaulted $140.04, or 9.8%, to $1,570.49.
Teck Resources reported a 246.8% jump in first-quarter adjusted profit, driven by higher copper prices as COVID-19 vaccine rollouts help open up economies, boosting demand for raw materials. Teck shares lost 57 cents, or 2.1%, to $27.25.
CIBC raised the target price on Exchange Income Corp. to $42.00 from $39.50. Exchange shares doffed 20 cents to $38.89.
Jefferies raised the target price on First Quantum Minerals to $47.00 from $45.00. First Quantum shares grabbed 19 cents to $30.39.
Shares in Denison Mines rose five cents, or 3.5%, to $1.32.
Trillium Therapeutics fell 33 cents, or 2.9%, to $11.08, while Westport Fuel Systems slid 20 cents, or 2.2%, to $8.84.
On the economic front, Statistics Canada reported retail sales were up 4.8% to $55.1 billion in February. Sales increased in nine of 11 sub-sectors, led by higher sales at motor vehicle and parts dealers and gasoline stations.
Bank of Canada Governor Tiff Macklem says the central bank is expecting strong consumption-led growth in the second half of the year as vaccinations against COVID-19 continue.
ON BAYSTREET
The TSX Venture Exchange advanced 1.95 points to 948.56.
All but two of the 12 TSX subgroups prospered in the first hour, with information technology popping 3%, energy surging 1%, and health-care haler by 0.6%.
The two naysayers proved to be utilities, down 0.2%, and consumer discretionaries 0.02%.
ON WALLSTREET
U.S. stocks were flat on Wednesday as investors digested major technology earnings and geared up for the latest Federal Reserve policy announcement.
The Dow Jones Industrials demurred 151.02 points to begin trading Wednesday at 33,833.91, dragged down by a 7% drop in Amgen’s stock.
Boeing lost about 2% after posing its sixth straight quarterly loss, also weighing on the Dow.
The S&P 500 moved up 6.94 points to 4,193.66.
The NASDAQ Composite eked ahead 1.63 points to 14,091.78.
Google parent Alphabet reported better-than-expected earnings after the bell on Tuesday, sending shares of the tech giant up more than 4%. Alphabet saw its revenues grow 34% from a year ago.
Meanwhile, Microsoft shares dipped about 2.5% even after the company topped analyst earnings. Microsoft had its largest revenue growth since 2018, thanks in part to gains in PC sales resulting from coronavirus-driven shortages last year.
Shares of AMD and Visa were higher after posting better-than-expected results.
The Fed wraps up its two-day policy meeting on Wednesday. The central bank is not expected to take any action, but economists expect it to defend its policy to let inflation run hot on a temporary basis. Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET, 30 minutes after the decision is announced, and those comments could move markets.
Technology darlings Apple and Facebook both report earnings on Wednesday after the bell.
Elsewhere, President Joe Biden is set to unveil later on Wednesday a $1.8 trillion plan in new spending and tax credits geared toward helping families.
The Biden administration’s new spending plan would hike the top income tax rate to 39.6% for the wealthiest Americans and raise taxes on capital gains to 39.6% for households making more than $1 million, according to senior administration officials. Stocks took a hit initially last week when reports of this tax hike began to surface.
Prices for 10-Year Treasurys were unchanged, keeping yields at Tuesday’s 1.63%.
Oil prices gained 92 cents to $63.86 U.S. a barrel.
Gold prices fell $5.40 to $1,773.60 U.S. an ounce.
