TSX up 250+

Canada's main stock index opened higher on Friday, as investors cheered the passing of the U.S. debt ceiling bill, while shares of Suncor
Energy surged as the country's second-biggest oil producer revealed its cost-cutting plans.

The TSX bounced 258.32 points, or 1.3%, to break for lunch Friday at 19,930.57

The Canadian dollar eked lower 0.01 cents to 74.36 cents U.S.

Suncor rose 46 cents, or 1.2%, to $39.00, on a report that the company will cut 1,500 jobs by the end of this year as it aims to reduce costs and improve its financial performance.

Bucking the trend, Canaccord Genuity Group Inc tumbled 68 cents, or 7.1% to a five-month low of $8.92, after the consortium led by the investment firm said its $1.13-billion take-private offer may not result in a deal.

The TSX is set for its sixth straight week of declines if losses hold, its longest weekly losing streak in over a year.

ON BAYSTREET

The TSX Venture Exchange leaped 2.65 points to 608.66.

All but two of the 12 TSX subgroups prospered by noon EDT, led by industrials, up 2.1%, energy, 2% more energetic, and real-estate, building 1.6%.

The two laggards were communications, down 1.3%, and gold, off 0.9%.

ON WALLSTREET

Stocks rallied Friday as traders cheered a strong jobs reports and lawmakers passing a debt ceiling bill that averts a U.S. default.

The Dow Jones Industrials popped 606.43 points, or 1.8%, to reach noon at 33,668.

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The S&P 500 acquired 55.03, or 1.3%, points to 4,276.08, while the tech-heavy NASDAQ index jumped 122.17 points to 13,223.16, reaching its highest level since April 2022 during the session.

The major averages were higher for the week. The S&P 500 jumped 1.7%, and the NASDAQ 2% higher, The Dow’s Friday advance pushed it into positive territory, up 1.5% week to date. The NASDAQ is on pace to end its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.

Non-farm payrolls grew much more than expected in May, rising 339,000 despite economists polled by Dow Jones expecting a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.

Recent strong jobs report have pressured stocks on the notion that the resilient labour market will keep the Federal Reserve in hiking mode.

But the stock market seemed to like Friday’s numbers, perhaps concentrating on a wage increase that showed lighter-than-expected inflation and an unemployment rate that ticked higher.

Lululemon shares popped nearly 13% on strong results and a guidance boost, while MongoDB surged more than 28% on a blowout forecast.

Prices for the 10-year Treasury sagged, raising yields to 3.67% from Thursday’s 3.60%. Treasury prices and yields move in opposite directions.

Oil prices jumped $1.81 to $71.91 U.S. a barrel.

Gold prices tailed off $16.40 to $1,979.10 U.S. an ounce.