Equities in Canada’s financial hub rose in early trade on Tuesday, as gold miners rebounded with the precious metal ahead of a U.S. Federal Reserve meeting while falling oil prices pushed energy stocks down.
The S&P/TSX Composite regained 44.23 points to open the session at 14,542.33
The Canadian dollar inched up 0.09 cents to 75.74 cents U.S.
WestJet Airlines reported higher-than-expected quarterly revenue and profit as its passenger traffic rose and fuel costs fell.
WestJet shares got 20 cents worth of lift to $23.13.
Canadian National Railway Co reported better-than-expected quarterly earnings on Monday. A decline in shipments cut into Canadian National's revenue, but the company said it expected volumes to improve in the months ahead. Moreover, CIBC raised the price target on the stock to $86.00 from $84.00
CNR shares improved 41 cents to $84.40.
Canaccord Genuity cut the rating on Great-West Lifeco to sell from hold.
Great-West shares dropped 41 cents, or 1.2%, to $33.91.
Barclays raised the price target on Teck Resources to $16.00 from $8.00. Teck shares hiked 18 cents, or 1%, to $17.99.
ON BAYSTREET
The TSX Venture Exchange gathered 1.81 points to 768.15
All but two of the 13 subgroups were higher in the first hour of trading, led by gold, shining 1.7% brighter, metals and mining, stronger by 1.4%, and materials, 1.2% better.
The two laggards were utilities, falling 0.1%, and consumer discretionary stocks, fading 0.02%.
ON WALLSTREET
U.S. stocks traded in a narrow range Tuesday morning amid a slew of Dow component earnings and further declines in oil prices.
The Dow Jones Industrials stumbled 6.85 points to 18,486.21.
The S&P 500 eked up 2.1 points to 2,170.58
The NASDAQ advanced 16.79 points to 5,114.42.
Six components of the Dow reported quarterly earnings ahead of the open. Apple is scheduled to report after the close.
Elsewhere, 3M posted earnings that beat by one cent a share, on revenue a touch below estimates. The firm lowered its guidance for 2016 sales growth.
Caterpillar reported earnings that beat on both the top and bottom line.
DuPont posted earnings that beat on both the top and bottom line, and raised its full-year forecast.
McDonald's reported a lower-than-expected rise in U.S. same-store sales. Quarterly earnings, ex-items, did beat expectations.
United Technologies raised full-year guidance and posted quarterly earnings that beat on both the top and bottom line.
Verizon reported quarterly earnings that topped expectations on revenue that missed. The telecommunications giant said a seven-week workers' strike hurt results.
The Federal Open Market Committee is scheduled to conclude its two-day meeting Wednesday afternoon with its statement on monetary policy. Traders do not expect the Fed to raise interest rates, but will watch for indications on the timing of the next hike.
In economic news, the flash Markit services Purchasing Managers’ Index edged down to 50.9 in July from 51.4 in June.
New U.S. single-family home sales rose 3.5% in June to a seasonally-adjusted annual rate of 592,000 units last month, topping expectations and the highest level since February 2008.
The Conference Board's consumer confidence index was 97.3 in July, a touch below June's 97.4 print.
Prices for the 10-year Treasury were static, keeping yields at Monday’s 1.57%.
Oil prices slid 16 cents a barrel to $42.97 U.S.
Gold prices moved higher $1.50 to $1,321.00 U.S. an ounce.
