2023-10-10 18:37:20
(Photo: Getty Images)
MARKET REVIEW. The Toronto Stock Exchange posted an increase of nearly 300 points late Tuesday morning, fueled by gains in the energy sector, while the major American indices also progressed.
The New York Stock Exchange was trading in the green on Tuesday, remaining nervous in the face of geopolitical risks as the corporate results season begins.
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX gained 319.79 points (+1.66%) to 19,564.72 points.
In New York, the S&P 500 rose 46.55 points (+1.07%) to 4382.21 points.
The Nasdaq rose by 162.71 points (+1.21%) to 13,646.84 points.
The DOW increased by 264.65 points (+0.79%) to 33,869.76 points.
The loon rose from US$0.0009 (+0.1224%) to US$0.7362.
The oil lost US$0.72 (-0.8335%) to US$85.66.
L’or rose by US$10.2999 (+0.5525%) to US$1870.80.
The bitcoin lost US$71.07 (-0.26%) to US$27,414.98.
Context
Since Monday, “yields on Treasury bills have fallen the most since March due to conciliatory comments from members of the Federal Reserve and the demand for safe havens in the face of the Israeli conflict,” commented Art Hogan by B. Riley Wealth Management.
On the Fed side, two officials insisted that the tighter monetary conditions caused by the rise in Treasury bills could replace further increases in the central bank’s key rates.
Two other Fed members are scheduled to speak Tuesday.
The market also remains “nervous (…) following the Hamas attack against Israel this weekend, which gives rise to concerns about the possibility of an extension of the conflict into a regional conflict”, underlined Patrick O’ Hare Briefing.
According to him, investors were adopting a wait-and-see attitude not only in the face of developments in Israel, but also in anticipation of the publication of the American inflation index on Thursday, of the minutes of the last meeting from the Fed the day before and third quarter results for companies.
These started on Tuesday with Pepsico (PEP, +1,51%) notably.
The distributor of soft drinks, snacks and cereals raised its outlook for full-year results after a third quarter that beat expectations.
The group raked in 23.45 billion US dollars (US$B) in turnover in the third quarter compared to US$21.97B a year earlier. Net profit stood at US$3.10 billion, compared to US$2.70 billion a year before. For the whole year, earnings per share should rise by 13% instead of the +12% forecast so far.
In the wake of the momentum that affected Pepsico’s stock, Coca-Cola (KO) also gained 1.59%.
After their sharp rise on Monday in the wake of the attack by the Islamist movement Hamas on Israel and the reprisals by the Israeli army, the titles of defense groups declined a bit like Northrop Grumman (NOC, -1,68%) or Lockeed Martin (LMT, -0,56%).
As for electric car manufacturers, Tesla (TSLA) gained more than 2%, Rivian (RIVN) jumped 5.78% and Lucid (LCID) of 3.78%.
The market was also awaiting the announcement of the pricing of the shares of Birkenstock, the German sandal manufacturer which is due to debut on the New York Stock Exchange this week.
The unit price of the shares will be set between US$44 and US$49, which, at the high end of the range, would represent a valuation of up to US$9.2 billion, according to an SEC document.
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