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@ the Bell: TSX regains earlier losses

Jonathon Brown Jonathon Brown, The Market Online
0 Comments| July 30, 2024

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Canada’s main stock index rebounded from earlier losses in Tuesday trading to finish at a two-week high. This volatility arose as investors brace for upcoming earnings reports and the U.S. Federal Reserve’s interest rate decision later in the week, which could provide insights into the future direction of global monetary policy. The financial sector spearheaded gains on the TSX, while the tech, industrials and mining sectors experienced losses. Major Canadian companies such as Bell Canada (TSX:BCE), Canadian Natural Resources (TSX:CNQ), Canadian Pacific Kansas City (TSX:CP) and Enbridge (TSX:ENB) will release their quarterly earnings this week.

In the United States, stocks were mixed for yet another day as traders await key corporate earnings and the start of the Federal Reserve’s policy meeting. Numbers from Microsoft (NDAQ:MSFT), Advanced Micro Devices (NDAQ:AMD) and Starbucks (NDAQ:SBUX) are expected after market close. So far, more than 40 per cent of S&P 500 companies have reported their results, with 79 per cent exceeding Wall Street expectations, according to LSEG. This surpasses the five-year average earnings beat rate of 77 per cent. The Fed began its two-day policy meeting, during which central bank chief Jerome Powell could indicate the timing and number of rate cuts anticipated in the coming months.

TSX 22,824.67 +45.10 Click to enlarge
TSXV 572.93 -1.44 Click to enlarge
CSE 165.34 +0.17 Click to enlarge
DJIA 40,743.33 +203.40 Click to enlarge
NASDAQ 17,147.42 -222.78 Click to enlarge
S&P 500 5,444.66 -18.88 Click to enlarge

The Canadian dollar traded for 72.17 cents U.S. compared with 72.20 cents U.S. on Monday.

U.S. crude futures traded $0.69 lower at $75.12 a barrel, and the Brent contract lost $0.79 to $78.99 a barrel.

The price of gold was up US$26.13 to US$2,407.19.

In world markets, the Nikkei was up 57.32 points to 38,525.95, the Hang Seng was down 235.43 points to 17,002.91, the FTSE was down 6.89 points to 8,285.46, and the DAX was up 103.46 points to 18,424.13.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

Top image: Adobe Stock




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