Canada's main stock index rebounded on Tuesday after its worst session in nearly two years as investors placed bets on beaten-down healthcare and technology shares, but the sentiment remained fragile due to worries over global economic growth.
The S&P/TSX Composite rebuilt 172.1 points, to begin Tuesday trading at 20,171.79.
The Canadian dollar recovered 0.17 cents at 77.04 cents U.S.
Suncor Energy exceeded analysts' estimates for first-quarter profit and boosted dividend by 12% to its highest level on Monday, as Canada's number-three oil major benefited from soaring crude prices.
Suncor shares declined $1.04, or 2.3%, to $44.24.
CIBC cut the target price Canadian Tire Corporation to $220.00 from $244.00. Canadian Tire shares kicked off Tuesday up 62 cents to $170.66.
RBC raised the target price on Ensign Energy Services to $6.50 from $6.00. Ensign shares acquired six cents, or 1.5%, to $3.95.
CIBC cut the target price on Morguard Corp. to $165.00 from $180.00. Morguard units gained nine cents to $17.24.
ON BAYSTREET
The TSX Venture Exchange gained 10.32 points, or 1.4%, to 730.13
All but three of the 12 TSX subgroups made gains in the first hour, as consumer discretionary stocks climbed 1.7%, materials took on 1.5%, and gold brightened 1.1%.
The three laggards proved to be health-care, fading 4.2%, information technology, down 0.6%, and energy, subsiding 0.3%.
ON WALLSTREET
U.S. stocks rose Tuesday as the major averages attempted to recover from three days of heavy selling that brought the S&P 500 to its lowest level in more than a year.
The Dow Jones Industrials hiked 320.02 points or 1%, to 32,565.72.
The S&P 500 recouped 57.36 points, or 1.4%, to 4,048.60.
The NASDAQ Composite recaptured 236.50 points, or 2%, to 11,859.75.
Technology stocks led the major averages higher. Microsoft, Intel, Salesforce, and Apple added more than 2% each. Amgen and UnitedHealth also rose along with energy company Chevron, which slipped during the previous session. Walmart and 3M lagged about 1%.
The technology sector attempted a comeback on Tuesday after suffering some of the biggest losses in recent weeks.
Investors have moved out of growth areas and into safe havens like consumer staples and utilities amid recessionary fears. All S&P 500 sectors moved higher on Tuesday.
On the earnings front, shares of Peloton Interactive plummeted 15% after reporting a wider-than-expected loss in the recent quarter. AMC’s stock rose 2.8%, while Novavax dropped about 13% on the back of recent quarterly earnings.
Investors are looking ahead to earnings from Coinbase, Roblox, RealReal and Allbirds after the bell.
Treasury prices leaped, with yields dropping to 2.97% from Monday’s 3.03%. Treasury prices and yields move in opposite directions.
Oil prices slumbered 39 cents to $102.70 U.S. a barrel.
Gold prices fell $1.90 to $1,856.70 U.S. an ounce.
