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Stocks Enjoy Slight Gains to Open Week
Canada's main stock index opened higher on Monday, as strength in energy shares boosted the index on higher crude prices, while investors awaited key economic data through the week to assess the interest rate cut trajectory for this year.
The TSX Composite Index recovered 38.89 points to 22,347.82.
The Canadian dollar added 0.1 cents at 73.19 cents U.S.
Shares in Cardiol Therapeutics are on investors’ radar screens, along with those for Premium Brands, on the release of quarterly earnings for both stocks. Cardiol nosed ahead six cents, or 2.1%, to $2.99, while those for Premium galloped $4.98, or 5.6%, to $94.12
On the economic calendar, building permits decreased 11.7% to $10.5 billion in March.
ON BAYSTREET
The TSX Venture Exchange edged ahead 0.74 points to end the week at 598.10.
All but three of the 12 TSX subgroups were positive in the first hour, with consumer discretionary stocks ahead 0.8%, while communications and consumer staples pointing upward 0.7% each.
The three laggards were information technology, down 0.3%, while materials and gold each slid 0.2%.
ON WALLSTREET
Stocks rose Monday, adding to their solid performance in the prior week, with Wall Street looking toward fresh inflation data this week.
The Dow Jones Industrials vaulted 74.8 points to 39,587.64.
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The S&P 500 inched ahead 6.4 points to 5,229.08
The NASDAQ gained 38.67 points to 16,379.54.
The 30-stock Dow is coming off its best weekly performance of 2024, rising more than 2% last week. The S&P 500 and Nasdaq climbed more than 1% each during that period.
Shares of meme stock GameStop soared 54% after “Roaring Kitty,” the moniker of the Reddit trader behind 2021's short squeeze, posted online for the first time in three years.
Investors will look for insights into the Federal Reserve’s monetary policy moving forward with April’s consumer price index report due out on Wednesday. Traders hope that a return to rate hikes is largely off the table for the Fed despite a slew of hotter-than-expected inflation prints in recent months.
Prices for the 10-year Treasury gained ground, pushing yields down to 4.47% from Friday’s 4.50%. Treasury prices and yields move in opposite directions.
Oil prices regained 85 cents to $79.12U.S. a barrel.
Gold prices ditched $27.40 to $2,347.60.
