Canada’s main stock index opened higher on Thursday, tracking moves on the Wall Street, as markets analyze a key U.S. inflation report.
The TSX Composite Index began Thursday up 74.91 points to 25,638.02.
The Canadian dollar eked higher 0.03 cents to 70.25 cents U.S. early Thursday.
In corporate news, Sun Life Financial reported a fall in its fourth-quarter profit on Wednesday, as weakness in U.S. business took away gains made in Asian markets.
Sun Life shares climbed toward the sun $5.67, or 6.7%, to $78.96.
ON BAYSTREET
The TSX Venture Exchange grabbed 3.38 points to 645.
Eight of the 12 subgroups were higher, led by telecoms, up 1.7%, information technology, better by 1.3%, and real-estate, stronger 1%.
The four laggards were weighed most by materials and gold, each off 0.4%. and financials, poorer 0.2%.
ON WALLSTREET
Stocks edged higher Thursday as traders weighed slightly hotter-than-expected inflation data and lingering global trade tensions.
The Dow Jones Industrials recovered 127.22 points to begin Thursday at 44,495.78
The S&P 500 index regained 38.39 points to 6,090.36
The tech-heavy NASDAQ leaped 214.78 points, or 1.1%, to 19,864.74.
The producer price index, which measures what producers get for their goods and services, reflected a 0.4% increase for January. That’s higher than the Dow Jones consensus estimate for 0.3%. Core PPI, which excludes food and energy, was up 0.3% for the month and in-line with the forecast.
Stocks rose on the data because despite the hotter number on the surface, the latest PPI report and Wednesday’s consumer price index data point to a softer PCE price index than traders feared. That measure, which will be released in February, is what the Federal Reserve closely tracks.
Shares of big-name tech players jumped, helping gains. Nvidia gained 2.5% after Hewlett Packard Enterprise said it shipped its first solution using Nvidia’s Blackwell chip. AppLovin, the best-performing U.S. tech stock last year, soared by more than 32% on earnings. Tesla rose more than 4%.
Prices for the 10-year Treasury won new life, lowering yields to 4.54% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices sagged 37 cents to $71.00 U.S. a barrel.
Prices for gold acquired $15.00 an ounce to $2,943.70 U.S.
