Equities in Canada’s largest market remained in positive territory midday Tuesday as commodity prices rose against a weakening dollar on hopes that the U.S. Federal Reserve may slow down its pace of interest rate hikes next month.
The TSX Composite came off its highs of the day, but remained above breakeven by 119.38 points, to move into noon hour at 19,545.52.
The Canadian dollar gave up earlier gains and slid 0.13 cents to 73.32 cents U.S.
As the earnings season unfolds, Thomson Reuters reported higher third-quarter revenue and operating profit. Thomson shares dived $4.23, or 2.9%, to $140.66.
In resource stocks, Hudbay Minerals zoomed 42 cents, or 8.1%, to $5.59, while Capstone Copper acquired 28 cents, or 8.9%, to $3.44.
Eldorado Gold advanced 81 cents, or 10.6%, to $8.42.
Paramount Resources jumped $2.20, or 7.6%, to $31.06.
Federal Court Chief Justice Paul Crampton has directed counsel for Rogers Communication, Shaw Communications and the Competition Bureau to convene for a further case management conference on Tuesday.
Rogers shares gained 46 cents to $57.17, while those for Shaw took on 49 cents, or 1.4%, to $35.48.
In matters economic, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index registered at 48.8 in October, down from 49.8 in September
ON BAYSTREET
The TSX Venture Exchange recovered 2.36 points to 597.69.
All but two of the 12 TSX subgroups continued positive midday.
Materials sprinted 2.4%, while energy rumbled 1.9%, and gold leaped 1.6%.
The two laggards proved to be health-care, dawdling 1.8%, and industrials, weaker by 0.7%.
ON WALLSTREET
Stocks tumbled on Tuesday as a new month of trading commenced, as traders assessed better-than-expected economic data and its potential on Federal Reserve policy going forward.
The Dow Jones Industrials tumbled 153.53 points to 32,579.42.
The S&P 500 sagged 17.74 points to 3,854.24.
The NASDAQ faded 65.01 points to 10.923.13.
All the major averages opened higher but turned negative after job openings data for September showed a resilient labour market
Losses were mitigated Tuesday as a better-than-feared earnings season continued with a strong report from Pfizer. Uber shares popped on a revenue beat.
Some traders pointed to optimism from unconfirmed reports that China may pivot from its zero-COVID policy as a source for Tuesday’s early gains.
Tuesday also marks the start of the Fed’s November meeting, which many expect will result in a 75-basis-point interest rate hike. Investors will also monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference for signs of a slowing tightening pace.
Wall Street is coming off a strong month of gains. The Dow rallied nearly 14% in October, its biggest monthly advance since January 1976 as investors rotated out of technology and into stalwarts like banks. The S&P 500 advanced 8% while the NASDAQ took on 3.9%.
Treasury prices inched backward, raising yields to Monday’s 4.05%. Treasury prices and yields move in opposite directions.
Oil prices added $1.70 to $88.23 U.S. a barrel.
Gold prices remained buoyant $6.50 to $1,648.30 U.S. an ounce.
