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TSX Shoots Higher on Advancing Commodities

Baystreet.ca
·2 min read

Equities in Canada’s largest centre opened higher on Monday, lifted by a rise in materials and utilities stocks, while investors awaited a slew of domestic and U.S. inflation data along with commentary from Federal Reserve officials throughout the week.

The TSX Composite Index roared ahead 215.3 points to open a new week at 21,770.16

The Canadian dollar improved 0.20 cents to 73.19 cents U.S.

In corporate news, Australian miner Paladin Energy said it had entered into an agreement to buy Canada's Fission Uranium Corp for $833 million. Fission shares gathered 12 cents, or 12.1%, to start the day at $1.16.

ON BAYSTREET

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The TSX Venture Exchange fell 3.08 points to 567.63.

All 12 TSX subgroups moved ahead in the first hour of trade, as energy spiked 1.7%, while utilities and gold each soared 1.3%.

ON WALLSTREET

The Dow Jones Industrial Average climbed higher Monday as Wall Street entered the last week of June and the first half of 2024 near record highs.

The 30-stock index popped 321.57 points to 39,471.90.

The S&P 500 regained 25.85 points to 5,490.47.

The NASDAQ recovered 38.6 points to 17,727.96.

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Nvidia fell 2.6%, adding to its 4% decline last week that snapped an eight-week winning streak. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.

Despite the pullback, shares are still up about 150% for the year, making them the second best performer in the S&P 500.

There are also a number of key companies earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.

Stocks are coming off a record-setting week, with the S&P 500 and NASDAQ notching fresh all-time highs.

Prices for the 10-year Treasury gained a bit, lowering yields 4.25% from Friday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices climbed 28 cents at $81.01 U.S. a barrel.

Gold prices reclaimed $9.40 to $2,340.90