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Softer Inflation Print Lifts TSX Higher

Canada's main stock index edged higher on Tuesday as the country's annual inflation rate touched a three-year low fueling bets for a June interest rate cut, while a sell-off in healthcare shares kept the gains in check.

The TSX gained 48.11 points to march toward noon hour at 22,526.86.

The Canadian dollar backpedaled 0.18 cents at 73.22 cents U.S.

On the economic calendar, Statistics Canada said the consumer price index rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. On a seasonally adjusted monthly basis, the CPI rose 0.2% in April.

On the individual stock front, automation solutions provider ATS Corporation was among the top losers on the benchmark index, losing 99 cents, or 2.1%, to $46.52, after RBC reduced its price target to C$60 from C$65.

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ON BAYSTREET

The TSX Venture Exchange leaped 7.53 points, or 1.2%, to 622.70.

Seven of the 12 TSX subgroups had lapsed into negative country by midday, health-care staggering 1.2%, while communications lost 0.8%, and financials fell 0.3%.

The five gainers were led by gold and energy, each up 1.2%, and materials, better by 1.1%.

ON WALLSTREET

Stocks were flat Tuesday, hanging on to the record levels seen in the previous session, as investors looked toward AI favorite Nvidia’s earnings report Wednesday.

The Dow Jones Industrials gained 64.87 points to approach noon hour EDT at 39,871.64.

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The S&P 500 gained 4.54 points to 5,312.67.

The NASDAQ Composite loosed 0.64 points to 16,794.28.

Nvidia shares inched down 0.1% prior to its earnings report Wednesday after the close. Analysts are expecting the semiconductor giant to post another strong batch of results. Shares have surged about 91% in 2024 alone, and have surged 202.5% over the last 12 months. The stock has been at the center of a market rally largely led by AI enthusiasm.

Palo Alto Networks also dropped more than 3% on Tuesday. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.

Those moves come after a mixed day on Wall Street. The NASDAQ notched intraday and closing records, while the Dow fell on the back of steep declines in JPMorgan Chase shares.

Prices for the 10-year Treasury slipped, raising yields to 4.41% from Monday’s 4.44%. Treasury prices and yields move in opposite directions.

Oil prices shed 50 cents to $79.30 U.S. a barrel.

Gold prices dipped $6.30 to $2,432.20.