Canada's main stock index opened higher on Tuesday, helped by energy shares after oil prices rose more than 1% after tumbling in the previous session.
The S&P/TSX Composite Index gained 30.38 to kick off Tuesday at 15,005.91
The Canadian dollar resurfaced 0.17 cents to 75.48 cents U.S.
Magna International said its 2019 revenue will be impacted by the sale of its fluid pressure and controls business and stronger dollar.
Magna shares gained 20 cents to $66.97.
Crescent Point Energy slashed its 2019 capital budget by 30% compared to 2018, blaming the recent decline in oil prices. Crescent Point shares retreated 10 cents, or 2.2%, to $4.40.
RBC raised the price target on Shaw Communications to $30.00 from $29.00. Shaw fell back 32 cents, or 1.2%, to $26.64.
CIBC raised the rating on WSP Global to outperform from neutral. WSP shares hiked $1.61, or 2.3%, to $63.28.
On the economic calendar, the Canadian Real Estate Association reported this morning that national home sales fell 2.5% from November to December. Actual (not seasonally-adjusted) activity was down by 19% from one year ago.
ON BAYSTREET
The TSX Venture Exchange slipped 0.92 points to 602
Seven of the 12 TSX subgroups were lower in the first hour, as communications fell 0.5%, health-care tailed off 0.4%, and gold lost 0.2%.
The four gainers were led by energy, rumbling higher 1.2%, information technology, ahead 0.8%, and industrials, better by 0.6%
Utility stocks were unchanged soon after the opening bell.
ON WALLSTREET
Stocks rose on Tuesday as Netflix led other tech-related shares following news it would raise prices to its monthly memberships. Positive news out of China also boosted investor sentiment.
The Dow Jones Industrial Average recovered 86.94 points to begin the day at 23,996.78, as Microsoft outperformed.
The S&P 500 regained 19.21 points to 2,601.82, led by the communication services and information technology sectors.
The NASDAQ Composite spiked 90.9 points, or 1.3%, to 6,997.81.
Shares of Netflix jumped 5.3% after the company announced it would hike prices to its monthly memberships by 13% to 18%. This would be company’s biggest price hike since it launched its streaming service more than a decade ago.
Facebook, Amazon, Apple and Alphabet rose more than 1% each. The S&P 500 communications services took on 1.4%, and tech sectors climbed 1.1%.
Gains were capped, however, J.P. Morgan Chase shares fell 1.1% after the company reported lower-than-expected profit for the fourth quarter. The miss was J.P. Morgan’s first in 15 quarters.
The bank also posted fixed-income trading revenue that disappointed analysts. J.P. Morgan’s results come a day after Citigroup posted fourth-quarter profit that beat analyst expectations. Citigroup also reported weaker-than-forecast revenue on fixed-income trading.
Wells Fargo, meanwhile, posted earnings that topped expectations. Its sales, however, fell short of estimates. Other banks, including Bank of America, Goldman Sachs and Morgan Stanley are scheduled to report quarterly earnings later this week.
Investors came into this earnings season jittery after a massive selloff in December led analysts to trim their earnings estimates for the previous quarter as well as 2019.
So far, only 4.8% S&P 500 companies have posted calendar fourth-quarter earnings. Of those companies, 87.5% have topped expectations. But worries around earnings were somewhat quelled amid positive news from Netflix and out of China.
Meanwhile, China’s National Development and Reform Commission said on Tuesday it would aim to achieve "a good start" for the economy in the first quarter, lifting hopes of further economic stimulus.
Prices for the benchmark for the 10-year U.S. Treasury did not budge, keeping yields at Monday’s 2.70%.
Oil prices gained $1.22 to $51.73 U.S. a barrel.
Gold prices picked up three dollars to $1,291.90 U.S. an ounce.
