Canada's main stock index climbed on Wednesday, rising for a second straight day, as global stock markets rallied on upbeat earnings and easing geopolitical tensions.
The S&P/TSX Composite gained 216.92 points, or 1%, to begin the mid-week session at 21,594.10
The Canadian dollar nicked up 0.12 cents at 78.82 cents U.S.
Manulife Financial and Sun Life Financial are expected to report earnings for the fourth quarter after markets close on Wednesday.
Manulife shares gained 26 cents, or 1%, to $27.12, while Sun Life took on seven cents to $73.78.
TMX Group’s CEO says the stock market operator plans to launch its first cryptocurrency futures product in response to institutional investors' desire to offset the risks of trading in the relatively new asset class. TMX garnered $1.67, or 1.3%, to $128.97.
ATB Capital Markets cut the target price on Northland Power to $50.00 from $52.00. Northland hiked 29 cents to $36.10.
Canaccord Genuity raised the target price on Prairiesky Royalty to $21.00 from $20.00. PrairieSky shares captured nine cents to $17.08.
National Bank raised the target price on TFI International to $160.00 from $153.00. TFI shares zoomed $6.73, or 5.1%, to $138.89.
Additionally, Bank of Canada Governor Tiff Macklem is due to speak at the Canadian Chamber of Commerce this afternoon.
ON BAYSTREET
The TSX Venture Exchange strengthened 10.15 points, or 1.2%, to 869.10.
All but one of the 12 TSX subgroups were in the green mid-morning, with health-care stronger by 4.4%, energy rumbling 2.1%, and industrials up 1.8%.
Gold lost 0.3%.
ON WALLSTREET
U.S. stock rose on Wednesday as investors digested another batch of corporate earnings, and tech shares looked to build on their rebound.
The Dow Jones Industrials pumped higher 265.18 points to begin Wednesday at 35,727.96.
The S&P 500 hiked 49.31 points, or 1.1%, to 4,570.85
The NASDAQ leaped 185.86 points, or 1.3%, to 14,380.32.
The NASDAQ has gained more than 7% from its recent low on Jan. 27 after falling into correction territory earlier this year. Still, many Wall Street pros are cautious about the near term outlook for tech stocks amid rising interest rates and elevated market volatility.
Tech stocks outperformed in early trading on Wednesday. E-commerce stocks Etsy and Shopify gained more than 2% each. Facebook-parent Meta rose more than 1% after a dramatic decline following last week’s earnings report.
On the earnings front, Chipotle rose more than 9% on the back of its strong earnings, while Lyft slipped more than 2% after announcing it had fewer active riders than in the prior quarter.
Solar stock Enphase Energy surged 16% after the company beat estimates on the top and bottom lines for the fourth quarter and delivered upbeat guidance. The result appeared to boost other stocks in the burgeoning industry as well, with SolarEdge Technologies jumping 8%.
Disney, Mattel, MGM Resorts and Uber Technologies will release results after the bell on Wednesday.
Prices for 10-year Treasurys gained ground, lowering yields to 1.93% from Tuesday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices improved 35 cents to $89.71 U.S. a barrel.
Gold prices were up $2.10 to $1,830.00 U.S. an ounce.
