Canada's main stock index on Thursday hit a fresh one-month high as e-commerce firm Shopify surged after strong results, while higher crude lifted energy stocks.
The TSX Composite had hiked 154.9 points by noon hour EDT to 19,434.66.
The Canadian dollar gained 0.17 cents to 73.96 cents U.S.
Shopify shares jumped $16.03, or 15.3%, to $45.49, and were on course for their best day in more than seven years, after it beat analysts' estimates for quarterly revenue and reported a smaller-than-expected loss.
Teck Resources fell $1.86, or 3.8%, to $46.62, after the miner agreed to sell its stake in the Fort Hills oil sands project to Suncor Energy, whose shares docked three cents to $46.21.
On the economic front, Statistics Canada reported its Survey of Employment, Payrolls and Hours—fell by 22,200, or 0.1%, in August.
ON BAYSTREET
The TSX Venture Exchange recovered 3.47 points to 599.79.
Eight of the 12 TSX subgroups remained in plus territory, as information technology zoomed 3.8%, utilities acquired 1.1%, and energy rumbled 1% higher.
The four laggards were weighed most by health-care, down 1.1%, real-esate lost 0.7%, and gold fell behind 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average surged Thursday after new data showed the economy grew faster than expected and hinted at waning inflation.
The 30-stock index popped 331.78 points, or 1%, to pause for lunch at 32,170.89.
The S&P 500 gave up earlier gains and settled 3.35 points to 3,827.25.
The NASDAQ plummeted 106.46 points or 1%, to 10,864.53.
For the week, all the major averages remain in positive territory, with the Dow and S&P up more than 2% and NASDAQ roughly 1% higher.
The Dow is on pace for its fourth positive week in a row since its five-week streak ended in November 2021.
U.S. GDP increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3% growth. The report, the first quarter of positive growth for 2022, eased investors’ concerns about a recession.
The technology sector continued its recent woes – in turn weighing down the NASDAQ – as shares of the Facebook parent company plummeted 24% on a weak fourth-quarter forecast and disappointing third-quarter earnings Wednesday. The company also said it would lose even more money next year building out the metaverse. The report led to several analysts downgrading the stock.
Traders also pored over earnings reports from other companies, some of which performed better than tech has this week. McDonald’s shares traded up 3.4% after the fast food giant beat expectations before the bell. But cigarette company Altria Group shed 0.4% after missing expectations on earnings per share and revenue.
Treasury prices gained, lowering yields to 3.92% from Wednesday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices heightened $1.19 to $89.29 U.S. a barrel.
Gold prices dipped 40 cents to $1,668.80 U.S. an ounce.
