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Positive Values for TSX at Open

Canada’s main stock index opened higher on Tuesday, boosted by mining-related stocks on gaining metal prices, while focus remained on the Bank of Canada’s meeting on Wednesday for future path of its monetary policy.

The TSX Composite leaped 87.74 points to open Tuesday at 21,012.04.

The Canadian dollar sank 0.09 at 74.19 cents U.S.

Canadian National Railway is expected to report its fourth-quarter results later in the day. CNR shares tacked on 88 cents to $169.08.

Wood products firm West Fraser announced the closure of its Fraser Lake sawmill, which is expected to impact 175 employees and the company’s production capacity. West Fraser shares docked 37 cents to $111.63.

Investors look forward to the much-awaited Bank of Canada monetary policy meeting, due Wednesday, for the central bank’s direction on interest rate cuts.

The BoC is expected to leave its key overnight rate unchanged this time, but stubborn inflation has delayed the timeline for the first rate cut in almost four years.

Money market participants are now pricing in just over 22% chances of a cut in borrowing costs in March, while a majority of over 56% are expecting a cut in April.


The TSX Venture Exchange forged ahead 0.96 points to kick off Tuesday at 552.27.

All but three of the 12 subgroups gained ground, led by materials, progressing 1.2%, gold, shining 1% brighter, while consumer staples moved up 0.6%.

The two laggards proved to be utilities, down 0.4%, and real-estate, skidding 0.2%. Health-care issues were unchanged in the first hour.


The Dow Jones Industrial Average fell Tuesday, pulling back from record-breaking highs reached in the prior session.

The blue-chip index dropped 65.36 points to 37,936.45, pressured by a 6% decline in 3M, which was under pressure on the back of disappointing guidance.

The S&P 500 index gathered 5.82 points to 4,856.25,

The NASDAQ grabbed 28.99 points to 15,389.28.

United Airlines rose more than 6% after reporting strong fourth-quarter results. However, the airline operator said it expects a first-quarter loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month.

Shares of other airline operators rose in tandem with United. American Airlines, Southwest Airlines and Alaska Air Group all climbed at least 3%, while Delta Air Lines added more than 2%.

Beyond the air travel sector, D.R. Horton dropped more than 8% after the homebuilder missed Wall Street’s consensus forecast for per-share earnings. Verizon tacked on 4% and Procter & Gamble helped buoy the Dow with gains of more than 5%, as investors bought in following the companies’ financial reports.

But investors are deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint.

Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.

Prices for the 10-year Treasury flopped, boosting yields to 4.14% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.

Oil prices gave up 16 cents to $74.60 U.S. a barrel.

Gold prices picked up $5.30 to $2,027.60.

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