Stocks up on News from Central Bankers
The TSX Composite leaped soon after the open 147.23 points to 21,673.16.
The Canadian dollar popped 0.3 cents at 73.92 cents U.S.
In corporate news, Nuvei Corp reported its fourth-quarter results above analysts' estimates. Nuvei gained 38 cents, or 1.1%, in the first hour of trade to $34.71. Nuvei shares dropped $1.43, or 4.2%, to $32.90.
On the economic front, the Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
Shortly afterwards, the IVEY School of Business revealed its PMI index skidded to 53.9 in February from 56.5 in January but rose from February 2023's reading of 51.6.
ON BAYSTREET
The TSX Venture Exchange recovered 3.68 points to 571.96.
All but one the 12 subgroups were positive in the first hour, with gold and materials leading the way, each up 1.1%, and consumer staples ahead 0.9%.
Only health-care missed the party, losing 1.1%.
ON WALLSTREET
U.S. stocks rose Wednesday, aided by recovering technology names after back-to-back losing sessions on Wall Street.
The Dow Jones Industrials jumped 151.79 points to kick off Wednesday at 38,736.98.
The S&P 500 gained 23.76 points to 5,102.41.
The NASDAQ hiked 59.62 points to 15,999.21.
CrowdStrike soared more than 17% on a top-and-bottom line beat for the latest quarter and a strong outlook. Palantir popped more than 4% after winning a significant army contract.
In prepared remarks for appearances on Capitol Hill, Federal Reserve Chair Jerome Powell said the central bank could lower interest rates this year. But the Fed chief said the bank is not immediately ready to cut the cost of borrowing money.
While tech names rallied, Nordstrom tumbled more than 13% after warning of potential sales declines in 2024. Foot Locker, another retailer, lost more than 24% on weak guidance for full-year earnings.
Prices for the 10-year Treasury bounced, lowering yields to 4.12% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices gathered $1.72 to $79.87 U.S. a barrel.
Gold prices progressed $7.20 to $2,149.10.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
