Canada's main stock index took some knocks at the outset on Tuesday, but faced noon hour in the green, while investors remained cautious ahead of U.S. Federal Reserve Chair Jerome Powell's nomination hearing.
The S&P/TSX Composite approached noon hour Tuesday up 34.21 points at 21,106.53.
The Canadian dollar improved 0.31 cents to 79.26 cents U.S.
Energy concerns powered this upward movement, with Secure Energy Services prospering 27 cents, or 5%, to $5.69, while Paramount Resources took on 96 cents, or 3.9%, to $25.73.
Tech stocks moved ahead, too, with Docebo climbing $4.01, or 6.1%, to $69.74, while Nuvei Corp. gained $6.75, or 8.5%, to $86.20.
Among financials, ECN strengthened 26 cents, or 4.7%, to $5.76, while Equitable Group leaped $2.65, or 3.7%, to $74.42.
Consumer staples got bruised, however, as Jamieson Wellness ailed 54 cents, or 1.4%, to $38.30, while Saputo dipped 41 cents, or 1.4%, to $29.42.
Industrials fell, too, as CP Rail reversed $1.55, or 1.6%, to $94.54, while CN Rail lost $2.27, or 1.5%, to $153.09.
Utilities fell off, as Transalta gave back 90 cents, or 6.6%, to $12.78, while Transalta Renewables slipped $1.80, or 10%, to $16.20.
ON BAYSTREET
The TSX Venture Exchange removed 1.7 points to 900.15.
Seven of the 12 TSX subgroups had grown positive by lunch hour, with energy surging 1.7%, information technology clicking 0.6% higher, and financials, up 0.5%.
The five laggards were weighed most by consumer staples and industrials, down 0.8% each, and utilities, flagging 0.4%.
ON WALLSTREET
U.S. stocks rose again on Tuesday as Wall Street appeared to find its footing after a rocky start to the new year.
The Dow Jones Industrials advanced 19.49 points to 36,088.36.
The S&P 500 gathered 17.97 points to 4,688.26.
The NASDAQ hiked 162.97 points, or 1.1%, to 15,105.79.
Large tech stocks helped support the broader market, with Amazon rising 2% and shares of Apple and Nvidia gaining roughly 2% each. Other notable gainers included Illumina, which rose 10% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.
Shares of IBM, which was downgraded by UBS, fell 3% and weighed on the Dow.
Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.
Earnings season will be in full swing by the end of this week with the big banks set to report starting Friday. Grocery chain Albertson’s reported results that beat expectations on the top and bottom lines on Tuesday morning.
Prices for 10-year Treasurys gained some ground, lowering yields to Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices picked up $2.97 to $81.20 U.S. a barrel.
Gold prices roared ahead $16.60 to $1,815.40 U.S. an ounce.
