TSX Strides at Noon Hour

Canada's main stock index edged higher on Monday, with Russel Metals leading the advance, ahead of U.S. inflation data due later in the week as investors awaited clues on the Federal Reserve's monetary tightening path.

The TSX leaped 107.31 points to move into the afternoon at 20,719.43.

The Canadian dollar inched up 0.04 cents to 75 cents U.S.

Russel Metals jumped $1.68, or nearly 5%, to the top of the TSX, at $35.53, after multiple brokerages raised their price targets for the metals distributor's stock.

Magna International rose $2.16, or 3%, to $74.32, after the auto parts maker gained a new contract from General Motors to supply battery enclosures on the new 2024 Chevrolet Silverado EV,

Elsewhere, B2Gold fell 16 cents, or 3.2%, to $4.67. after the gold miner announced it will acquire Sabina Gold & Silver in a deal valued at $1.1 billion. Sabina shares popped 20 cents, or 12.3%, to $1.78.

Software company Dye & Durham fell $1.39, or 6.6%, to $19.74 after the company posted a net loss and decline in revenue for the second quarter of FY23.

ON BAYSTREET

The TSX Venture Exchange gained 3.97 points to 617.39.

All but two of the 12 subgroups began the session in the green, led by consumer discretionary stocks, up 1.1%, industrials, up 0.8%, and consumer staples, ahead 0.6%.

The two laggards proved to be energy and materials, each sliding 0.2%.

ON WALLSTREET

Stocks rose Monday as traders regained their footing after the S&P 500 and NASDAQ Composite suffered their worst weekly declines in nearly two months.

The Dow Jones Industrials leaped 256.22 points to open the week at 34,125.49.

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The S&P 500 grew 32.29 points to 4,122.75.

The NASDAQ Composite pushed higher 142.47 points, or 1.2%, to 11,860.59.

Microsoft gained 3.6% and Salesforce hiked 1.8% in early Monday trading. Tech was the best-performing S&P 500 sector, popping more than 1%.

The moves came after Federal Reserve Chairman Jerome Powell said that there is still a long way to go in the fight against inflation. Powell also noted that interest rates could rise more than markets anticipate if inflation numbers do not abate, reversing some of the prior market optimism that rate hikes would soon ease.

Investors will get more inflation data this week. On Tuesday, January’s consumer price index report will be released, showing if price increases have continued to slow amid the central bank’s rate hikes.

The final leg of earnings season also continues this week, with Coca-Cola, Marriott, Cisco, Marathon and Paramount. So far, companies have reported worse-than expected results, making this year the worst earnings season in more than two decades, excluding recessions, according to Credit Suisse.

Prices for the 10-year Treasury gained slightly, lowering yields to 3.73% from Friday’s 3.75%. Treasury prices and yields move in opposite directions.

Oil prices lost 52 cents to $79.20 U.S. a barrel.

Gold prices plummeted $10.80 to $1,863.70 U.S. an ounce.