Indexes Gain on Day, Pounded on Week

Investors breathed a collective sigh of relief over the glad tidings south of the border the U.S. debt ceiling, and showed that relief by going on something of a buying spree.

The TSX bounced 352.38 points, or 1.8%, to end Friday at 20,024.63. The TSX suffered its sixth straight week of declines if losses hold, its longest weekly losing streak in over a year. This week, even with Friday’s gains, the index faltered 326 points, or 1.6%.

The Canadian dollar eked up 0.12 cents to 74.49 cents U.S.

All but two of the TSX subgroups were in positive country, led by the energy sector, in which Baytex was the main star, adding 28 cents, or 6.3% to $4.71, while Headwater Exploration grabbed 42 cents, or 6.5%, to $6.88.

Among consumer discretionary concerns, Gildan Activewear gained $1.03, or 3.7%, to $28.78, while Magna International jumped $3.16, or 4.8%, to $68.75.

Industrials … Read more

Canadian Jobs Numbers Due Next Friday

Canadian Jobs Numbers Due Next Friday



Economic Lookahead

Factory orders (April)

ISM Services (May)

Featured Earnings

Science Applications International Corp. (NYSE: SAIC) (Q1) EPS projects for $1.71, compared to $1.88 in the prior-year quarter.

HealthEquity, Inc. (NASDAQ: HQY) (Q2) EPS projects for 23 cents, compared to 15 cents in the prior-year quarter.

JOANN Inc. (NASDAQ: JOAN) (Q1) EPS projects for loss of 65 cents, compared to loss of 24 cents in the prior-year quarter.


Featured Earnings

Scryb Inc. (CSE: SCYB) (Q2) EPS projects for loss of two cents, compared to loss of three cents in the prior-year quarter.



Featured Earnings

Ferguson plc (NYSE: FERG) (Q3) Reported EPS for gain of $2.18, compared to $2.50 to the prior-year quarter.

The J.M. Smucker Co. (NYSE: SJM) (Q4) Reported EPS for $2.42, compared to $2.23 in the prior-year quarter.

Casey’s General Stores, Inc. (NASDAQ CASY) (Q4) Reported EPS … Read more

S&P, NASDAQ at 10-month Highs

Stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a U.S. default, with the measure now moving it to the Senate.

The Dow Jones Industrials grabbed 154.09 points to conclude Thursday at 33,062.36, despite a nearly 4.7% tumble in Salesforce following its earnings report, which put a clamp on gains.

The much-broader S&P 500 took on 41.19 points, or 1%, to 4,221.02, while the tech-heavy NASDAQ index leaped 165.7 points, or 1.3%, to 13,100.98. Both the S&P 500 and NASDAQ closed at their highest levels since August 2022.

Beyond the debt ceiling battle, investors are looking ahead to the Federal Reserve’s June 13-14 policy meeting as another possible market catalyst. Philadelphia Fed President Patrick Harker said Wednesday that he’s leaning toward skipping a rate hike at the upcoming gathering.

But Friday’s payrolls report could change his mind, he said.

Data … Read more