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Stocks on Mend

May 11, 2022 (Baystreet.ca via COMTEX) --

Canada's main stock index rebounded on Wednesday from a 10-month low hit in the previous session as energy and mining shares rallied on the back of higher commodity prices.

The S&P/TSX Composite popped 240.01 points, or 1.2%, to paused for lunch Wednesday at 20,130.07.

The Canadian dollar acquired 0.57 cents at 77.31 cents U.S.

Endeavour Silver jumped 59 cents, or 14.6%, to $4.63, and was the top gainer on the benchmark index following upbeat first-quarter results.

Energy proved the sector to beat, however, with Whitecap Resources hiking 68 cents, or 7.1%, to $10.20, while Enerplus gained $1.04, or 6.9%, to $16.11.

ON BAYSTREET

The TSX Venture Exchange came off its highs of the morning, but still advanced 6.77 points, or 1%, to 717.96.

All but three of the 12 TSX subgroups remained in the green midday with energy surging 4.5%, materials ahead 2.6%, and real-estate climbing 1.4%.

The three laggards were consumer staples, down 0.9%, information technology, off 0.6%, and consumer discretionary, faltering 0.3%.

ON WALLSTREET

Stocks rose Wednesday, as investors tried to look past the latest U.S. inflation data.

The Dow Jones Industrials pulled emphatically ahead 232.24 points to 32,392.98.

The S&P 500 took on 19.82 points to 4,020.87.

The NASDAQ Composite stayed in the red 58.14 points to 11,679.56.

Chevron was the best-performing Dow stock, climbing nearly 4%. Merck shares also popped more than 3%. Energy led the S&P 500 higher, with the sector jumping 4.3%, while utilities and materials each gained more than 2%.

Some tech shares struggled, tempering gains for the Nasdaq. Meta Platforms, Microsoft and Netflix each fell around 1%.

April's consumer price index showed an 8.3% jump, higher than the 8.1% increase expected by economists polled by Dow Jones. The price surge remained near the 40-year high pace of 8.5% seen in March. Core CPI, which does not include food and energy prices, gained 6.2% compared to expectations of 6%. On a monthly basis, headline CPI rose by 0.3% and core rose 0.6%.

On the earnings front, shares of Coinbase slumped more than 23% after the crypto exchange posted its latest quarterly results. Investors are looking ahead to reports from Walt Disney, Rivian and Beyond Meat after the bell.

Treasury prices gained, with yields slumping to 2.96% from Tuesday's 3%. Treasury prices and yields move in opposite directions.

Oil prices hiked $5.26 to $105.02 U.S. a barrel.

Gold prices recovered $9.70 to $1,850.70 U.S. an ounce.

comtex tracking

COMTEX_407042874/2559/2022-05-11T12:27:21

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