TSX Opens Flat as Utilities Droop


Canada’s main stock index acquired some muscle in the first hour on Thursday, on gains in the energy sector, while investors awaited more U.S. economic data to gauge the Federal Reserve’s interest rate path.

The S&P/TSX Composite Index surged 75.84 points to kick off Thursday at 22,220.86.

The Canadian dollar inched up 0.02 cents at 73.04 cents U.S.

In company news, bitcoin miner Riot Platforms acquired a 12% stake ownership in rival firm Bitfarms Ltd, whose shares picked up a penny to $3.43.

On the economic front, Canadians learned their country’s merchandise exports increased 2.6%, while imports rose 1.1% in April. As a result, Canada’s merchandise trade deficit with the world narrowed from $2.0 billion in March to $1.0 billion in April.

The seasonally adjusted index fell to 52.0 from 63.0 in April, posting its lowest level since July. A reading above 50 indicates an increase in activity.

ON BAYSTREET

The TSX Venture Exchange gained 1.87 points to 601.73.

All 12 subgroups gained ground, led by information technology climbed 1.9%, while gold picked up 1.5%, and materials sprang up 1.3%.

ON WALLSTREET

The S&P 500 was little changed on Thursday, taking a pause a day after the S&P 500 notched a fresh record close, while traders awaited a key U.S. economic report.

The Dow Jones Industrials gained 55.15 points to open Thursday at 38,867.66.

The much-broader index inched up 2.05 points to 5,356.08, yet another fresh record.

The NASDAQ stepped back 0.62 points to 17,187.29.

Stocks are coming off a winning session. The S&P 500 jumped 1.2% Wednesday to close at a record, while the NASDAQ also hit an all-time high.

Nvidia powered those gains to top a $3 trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of AI chips, known as “Rubin.”

Lululemon jumped 8% as the sportswear manufacturer beat expectations in its fiscal first quarter. Five Below sank 18% on lackluster results and guidance.

Prices for the 10-year Treasury slid a bit, raising yields to 4.30% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices grabbed 80 cents to $74.87 U.S. a barrel.

Gold prices hiked $8.10 to $2,383.60



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