2:00 p.m. ET: North American equity markets retrace lost ground into mid-afternoon
North American equity markets bounced off the lows into the waning hours of Tuesday’s trade, with the S&P/TSX Composite Index rising 1.2 per cent, the S&P 500 and Dow Jones Industrial Average up a little more than a quarter of a per cent and the Nasdaq Composite Index shedding about half a per cent.
In Toronto, eight of the 11 TSX subgroups were higher, led by energy, consumer discretionary and financials. Health care, information technology and consumer staples remained in negative territory.
154 of the composite’s 230 constituents were in the green, led by Canfor Corp., Teck Resources Ltd. and NFI Group Inc.
Oil prices remained mixed, with U.S. benchmark West Texas Intermediate down about 2.5 per cent to trade at US$12.50 per barrel while the global Brent crude price was up about two per cent. Alberta’s Western Canadian Select was trading lower, down 29 per cent to trade at US$4.62 per barrel.
The Canadian dollar moderated gains, up two-tenths of a cent against its U.S. counterpart to trade at 71.45 cents U.S.
11:00 a.m. ET: North American markets give back early gains into late morning
North American equity markets traded near session lows into the late morning, with the S&P/TSX Composite clinging to a modest 0.3 per cent gain, and benchmark stock indices south of the border sliding into the red. The S&P 500 and Dow Jones Industrial Average both traded modestly lower, while the tech-heavy Nasdaq Composite Index fell about one per cent.
It’s a busy week for Nasdaq-listed stocks, with a slew of earnings from tech titans including Google parent company Alphabet Inc., Facebook Inc., Apple Inc., Amazon.com Inc. and Microsoft Corp. all reporting earnings in the coming days.
In Toronto, seven of the 11 TSX subgroups were trading in positive territory, with energy, consumer discretionary and financials notching the largest percentage gains. Health care, information technology and materials posted the largest losses.
U.S. benchmark oil prices moderated some losses, with WTI trading about four per cent lower at about US$12.25 per barrel.
9:40 a.m. ET: North American equity markets extend rally in risk-on trade
North American equity markets rallied into the opening trade Tuesday, extending Monday’s gains as a risk-on trade saw investors buy into assets like equities. The S&P/TSX Composite Index – now up more than 30 per cent from the March 23 trough – rose about one per cent out of the gate, the S&P 500 and Dow Jones Industrial Average gained about one-and-a-half per cent and the Nasdaq Composite Index was up one per cent.
Toronto’s benchmark index has now recouped about half of its losses from the February 20 peak to that March trough.
Global oil prices were mixed, with international benchmark Brent up nearly five per cent while American West Texas Intermediate for June delivery was essentially unchanged at US$12.75 per barrel. WTI has been notably volatile due to changes in the methodology of some major oil funds, as they shift their holdings away from futures for first-month delivery into longer-dated contracts.
The moves have been made in an effort to prevent the funds from having negative net asset values after last week’s historic plunge in the expiring May contract, which traded at negative US$40 per barrel ahead of expiration.
Alberta’s Western Canadian Select fell nearly 16 per cent to trade at US$5.48 per barrel, though Canadian crude is only priced a handful of times per day.
The Canadian dollar gained four-tenths of a cent against its U.S. counterpart to trade at 71.68 cents U.S. However, the greenback was showing noticeable weakness against all its global peers as investors took a more risk-on tone and sold traditional safe-haven assets.
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2020-04-28 15:46:08Z
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