Canada’s main stock index climbed on Wednesday with technology shares leading the rally after Shopify beat quarterly revenue estimates, while the market looked to make a broader recovery.
The TSX Composite Index regained 214.05 points, or 1%, off its highs of the morning Wednesday to 21,193.41 midday.
The Canadian dollar gained 0.33 cents at 72.85 cents U.S.
Investors will parse through a slew of corporate reports, including names like Manulife Financial among others. Manulife shares dipped 46 cents, or 1.4%, to $33.53.
Shopify beat analysts’ estimates for quarterly revenue as its AI-powered tools helped pull in more merchants to its e-commerce services. Shopify shares sprinted $16.50, or 22%, to $91.06.
Air Canada reported a lower second-quarter profit, as excess capacity in certain markets and stiff competition on international routes hurt its pricing power. Shares in “The Maple Leaf Airline” slid 19 cents, or 1.3%, to $14.95.
Suncor Energy outperformed other stocks in the sector, surging $2.91, or 5.7%, to $53.88 after the oil producer beat analysts’ estimates for second-quarter profit on Tuesday after markets closed.
Stella-Jones fell to the bottom of the TSX with a loss of $3.80, or 4.2%, to $87.35, after it announced its second-quarter results.
The seasonally-adjusted IVEY PMI index tailed off to 57.6 in July from 62.5 in June and 48.6 in July 2023. A reading above 50 indicates an increase in activity.
ON BAYSTREET
The TSX Venture Exchange recovered 2.57 points to 545.24.
Eight of the 12 TSX subgroups were stronger by noon Wednesday, led by information technology, ballooning 5.2%, energy, 2.9% more energetic, and communications, stronger by 0.8%.
The four laggards were weighed most by gold and consumer staples, off 0.5% each, and materials, sliding 0.4%.
ON WALLSTREET
Stocks climbed Wednesday, clawing back more of the sharp losses suffered earlier in the week.
The Dow Jones Industrial index leaped 290.87 points to 39,288.53.
The S&P 500 index gained 55.4 points, or 1.1%, to 5,298.43.
The NASDAQ surged 196.51 points, or 1.2%, to 16,563.37.
Nvidia and Meta Platforms added around 1%, while Advanced Micro Devices jumped nearly 3%. Apple and Microsoft were also higher on the day by more than 2%. Meanwhile, shares of Super Micro Computer pulled back 17% after the server company’s fiscal fourth-quarter earnings missed analyst estimates. Airbnb slipped 11% after issuing disappointing second-quarter results.
Wall Street is coming off a strong session. The S&P 500 and the NASDAQ each advanced 1%, while the 30-stock Dow added nearly 300 points. On Monday, the Dow and the broad-market S&P 500 posted their worst session since 2022, fueled by recession worries and the unwinding of the yen carry trade.
Prices for the 10-year Treasury skidded, yields hiking to 3.94% from Tuesday’s 3.89%. Treasury prices and yields move in opposite directions.
Oil prices grew $2.34 at $75.54 U.S. a barrel.
Gold prices slid 80 cents past breakeven to $2,432.40.
