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Stocks Sprint at Noon Hour



Canada’s main stock index rose on Monday, led by gains in consumer discretionary and energy, as broader market sentiment ticked up ahead of crucial U.S. inflation data this week.

The TSX Composite jumped 128.69 points to pause for noon hour at 21,138.29.

The Canadian dollar eked up 0.1 cents at 74.40 cents U.S.

Canada Goose climbed $1.18, or 7.2%, to $17.62m becoming the top gainer among the consumer discretionary stocks.

Fairfax Financial gained $49.86, or 4%, to $1,311.03, after the Canadian insurer denied allegations by Muddy Waters Research that it was manipulating asset values, saying the short-seller’s report was “false and misleading”.

ON BAYSTREET

The TSX Venture Exchange gained 3.26 points to 549.85.

All but two of the 12 subgroups were in the win column, with consumer discretionary stocks ahead 1.3%, while energy and materials each surged 1%.

The three laggards were industrials, falling 0.4%, while communications and information technology each lost 0.3%.

ON WALLSTREET

Stocks nudged higher Monday, building on their strong performance from last week, with the S&P 500 and Dow Jones Industrial Average reaching new all-time highs. Investors also awaited the release of key inflation and earnings data.

The blue-chip index shot up 217.18 points to move into Monday afternoon at 38,888.87.

The S&P 500 index improved 20.74 points to 5,047.35.

The NASDAQ index jumped 70.97 points to 16,061.63.

Salesforce dragged the Dow down, with the cloud-based software stock sliding 1%. Shares of Hershey slid more than 1% following a downgrade to underweight from Morgan Stanley on the back of softer demand.

On the other hand, Diamondback Energy rose 10% after announcing that it would acquire oil and gas producer Endeavor Energy Partners.

Nvidia stock rose 2.4%, marking a 20% gain on the month and pushing the chip giant’s market capitalization closer to overtaking that of Amazon’s. Fellow “Magnificent 7” titan Meta Platforms also added more than 1%.

Prices for the 10-year Treasury sagged, raising yields to 4.19% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices were better by 17 cents to $77.01 U.S. a barrel.

Gold prices floundered $9.20 to $2,039.10.



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