Stocks Enjoy 5th Straight Day of Gains

(CORRECTS TSX VENTURE CLOSE, SUBGROUP READINGS)

Thursday saw equities in Canada run their win streak to a fifth straight session, as gains in techs and industrials overpowered losses in health-care and energy.

The TSX advanced 42.18 points to close Thursday at 19,062.85

The Canadian dollar was up 0.09 cents Thursday to 77.69 cents U.S.

Tech issues moved forward as Shopify piled on $2.42, or 4.9%, to $52.08, while Tecsys rallied $1.77, or 5%, to $37.23.

Among industrials, Mullen Group traveled $1.45. or 12.4%, to $13.19, while TFI International climbed $3.67, or 3.2%, to $119.58.

In real-estate, Summit REIT units acquired 53 cents, or 3.1%, to conclude Thursday at $17.51, while Interrent REIT, up 32 cents, or 2.6%, to $12.52.

Health-care proved a weight on the index, as Canopy Growth slid 36 cents, or 9.2%, to $3.57, while Aurora Cannabis gave back 15 cents, or 7.1%, to $3.57.

In energy stocks, Precision Drilling capsized $3.73, or 4.9%, to $72.80, while Tamarack Valley Energy fell back 20 cents, or 4.7%, to $4.08.

Rogers Communications sank 36 cents to $60.04, on appointing Ron McKenzie as its new chief technology and information officer, weeks after an unprecedented outage at one of Canada's biggest telecom operators shut banking, transport and government access for millions.

Shaw Communications dipped 17 cents to $34.50.

On the economic front, Statistics Canada said new home prices for Canada were up 0.2% in June compared with May.

The agency adds prices were up in 12 of the 27 census metropolitan areas surveyed, unchanged in 14 and down in one.

ON BAYSTREET

The TSX Venture Exchange jumped 9.15 points, or 1.5%, to 616.25

All but three of the 12 TSX subgroups were ahead of the pack, with information technology up 2.1%, industrials and real-estate each gaining 1%.

The three laggards were weighed most by health-care, down 2.6%, energy, sliding 2.5% and communications, off 0.3%.

ON WALLSTREET

The NASDAQ Composite rose Thursday as Tesla shares surged on the back of better-than-expected earnings results. Tech stocks also got a boost from a softer U.S. dollar.

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The Dow Jones Industrials fought its way into positive country, gaining 162.06 points by the close to 32,036.90.

The S&P 500 picked up 39.05 points, or 1%, to 3,998.95.

The NASDAQ vaulted 161.96 points, or 1.4%, to 12,059.61.

The NASDAQ is set for a gain this week, up about 5.3% thus far. Meanwhile, the Dow is nearly 2.4% higher for the week, while the S&P 500 gained 3.5%.

Consumer discretionary stocks led gains in the S&P 500, up more than 2% on the back of Tesla shares. The automaker surged 9.8% after it reported stronger-than-expected results despite shrinking automotive gross margins. Shares are still down nearly 23% this year.

AT&T dropped 7.6% after lowering its full-year free cash flow guidance. Still, the telecommunications company exceeded expectations in its second quarter.

American Airlines fell 7.4% after cutting back on growth plans despite reporting earnings mostly in line with expectations. Still, the company forecast a profit in the third quarter.

United Airlines’ results came in below expectations, pushing the stock down 10.2%.

Carnival dropped 11.2% after the cruise company announced that it was selling an additional $1 billion of stock.
Snap is expected to report after the bell.

Roughly 18% of S&P 500 have reported earnings for the second quarter. Of those companies, about 71% have beaten expectations, according to FactSet.

Inflationary pressures continued to loom on Wall Street after a report from the Bureau of Labor Statistics last week showed that producer prices in June jumped to a near-record amount from a year ago because of a rise in energy costs.

On the economic front, initial jobless claims continued their upward trend and touched their highest level since November 2021. Initial claims climbed to 251,000 for the week of July 16, up from an adjusted 244,000 claims from the prior week, in its third straight weekly gain.

Meanwhile, the European Central Bank on Thursday raised interest rates for the first time in 11 years to combat inflation in the euro zone. The central bank raised benchmark rates by 50 basis points.

Treasury prices moved sharply higher, lowering yields to 2.90%, from Wednesday’s 3.03%. Treasury prices and yields move in opposite directions.

Oil prices dropped $3.48 to $96.40 U.S. a barrel.

Gold prices soared $18.00 to $1,718.20 U.S. an ounce.