TSX Continues Hot

Canada's main stock index rose at market open on Wednesday on signs of cooling U.S. inflation, while investors digested the Bank of Canada's interest rate decision soon after the opening bell.

The TSX gained 145.8 points to open Wednesday at 20,567.65.

The Canadian dollar gained 0.14 cents to 74.42 cents U.S.

In company news, MTY Food Group reported a first-quarter profit of $0.75/share, missing the average analysts' estimate of $0.78/share.

MTY shares popped $2.36, or 3.9%, to $63.46.

Fortuna Silver Mines reported a decline in quarterly gold and silver production in its first-quarter update. Fortuna shares docked four cents to $5.38.

Piper Sandler upgraded methanol producer Methanex to "neutral" from "underweight". Methanex picked up $1.09, or 1.8%, to $61.74.

The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. The Bank is also continuing its policy of quantitative tightening.

ON BAYSTREET

The TSX Venture Exchange eked ahead 0.01 points to 633.97.

All but one of the 12 TSX subgroups were higher in Wednesday’s first hour, with information technology sprinting 2%, real-estate 1.1% more solid and materials stronger 0.9%.

Only consumer staples faded, 0.1% at that.

ON WALLSTREET

Stocks climbed Wednesday after a key inflation reading showed that consumer prices rose less than expected in March.

The Dow Jones Industrials gained 54.8 points to begin the midweek session at 33,739.59.

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The broader index poked ahead 3.67 points to 4,112.61.

The NASDAQ fell 10.9 points to 12,020.97.

Later in the week, the health of the U.S. economy and consumer will be put to the test as first-quarter earnings season kicks into full gear. Banking behemoths JPMorgan Chase, Wells Fargo and Citigroup are on deck, as well as health-care giant UnitedHealth

The March consumer price index came in cooler than expected, showing a rise of 0.1% in March. Economists polled by Dow Jones were expecting CPI to rise by 0.2% month over month.

The report could impact the Federal Reserve’s rate decision come May. It may also cement the case for a stop to the central bank’s rate-hiking regime, even though CPI was still up 5% year over year.

Minutes from the Federal Reserve’s March policy meeting are also due out Wednesday, and slated to offer further clues into the mindset behind the central bank’s 25 basis point hike in the wake of Silicon Valley Bank’s collapse and the turmoil that rattled the broader banking sector.

Prices for the 10-year Treasury gained a bit, lowering yields to 3.42% from Tuesday’s 3.43%. Treasury prices and yields move in opposite directions.

Oil prices improved 96 cents to $82.49 U.S. a barrel.

Gold prices shone brighter $1.10 to $2,020.10 U.S. an ounce.