Canada's main stock index opened higher on Wednesday, led by gains in energy and technology shares, as cooling inflation fueled hopes that the Bank of Canada is nearing the end of its interest rate-hike cycle.
The TSX kept rolling, gaining 82.27 points to lead off Wednesday at 20,458.84.
The Canadian dollar forged ahead 0.08 cents to 76 cents U.S.
Health-care concerns led the pack, with Tilray jumping 14 cents, or 6.4%, to $2.34, and Sienna Senior Living progressed a nickel to $11.72.
Among energy stocks, IPCO grabbed 31 cents, or 2.6%, to $12.26, while Precision Drilling took on $2.26, or 3%, to $76.96.
Utilities also showed promise, with Algonquin Power & Utilities moving higher 38 cents, or 3.6%, to $11.04, while Innergex Energy soared 38 cents, or 3%, to $13.14.
ON BAYSTREET
The TSX Venture Exchange shaved off 0.92 points to 623.49.
Eight of the 12 TSX subgroups were higher in the first hour with health-care vaulting 1.8%, while energy and utilities grabbed 1% each.
The four laggards were weighed most by gold and materials, each settling 0.4%, while consumer staples dipped 0.2%.
ON WALLSTREET
Stocks rose Wednesday as the corporate earnings season continued, with the Dow Jones Industrial Average on track for its longest winning streak in nearly four years.
The 30-stock index gained 177.5 points to open Wednesday at 35,129.43. The Dow was on track for its eighth straight day of gains, its longest streak since September 2019.
The S&P 500 added 16.78 points to 4,571.76.
The NASDAQ index climbed 47.07 points to 14,400.71.
Goldman Sachs reported a miss on adjusted earnings per share and a beat on revenue Wednesday, tied to losses in real estate as well as GreenSky. Goldman had previously warned investors that the quarter would likely yield lackluster results. Shares were little changed, however.
Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close.
Thus far, the second-quarter earnings season is off to a strong start. Of the companies in the S&P 500 that have reported results, 78% have exceeded expectations. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data.
Prices for the 10-year Treasury were ahead, lowering yields to 3.78% from Tuesday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices gained 73 cents to $76.48 U.S. a barrel.
Gold prices dipped $3.20 to $1,977.60 U.S. an ounce.
