Stocks at Recent Peak by Noon

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Canada's main stock index hit a near 10-week high on Tuesday, boosted by financial stocks after data showed elevated core price pressures, spurring bets of another big rate hike by the Bank of Canada next month.

The TSX gained 47.6 points to pause for lunch Tuesday at 20,228.20.

The Canadian dollar advanced 17 cents to 77.66 cents U.S.

On the economic front, Statistics Canada reported foreign investors reduced their holdings of Canadian securities by $17.5 billion in June, the largest divestment since December 2018.

At the same time, Canadian investors reduced their holdings of foreign securities by $12.3 billion, following a small investment in May.

Elsewhere, the Consumer Price Index (CPI) rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. On a seasonally adjusted monthly basis, the CPI increased 0.3% in July.

ON BAYSTREET

The TSX Venture Exchange faded 6.67 points to 671.83.

Seven of the 12 TSX subgroups were positive midday, co-led by financials and communications, each up 0.8%, while consumer staples grabbed 0.6%.

The five laggards were weighed most by health-care, down 1.2%, while energy lost 1%, and information technology skidded 0.8%.

ON WALLSTREET

The Dow Jones Industrial Average rallied on Tuesday, rising for a fifth day as Wall Street assessed strong earnings results from Walmart and
Home Dep

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The 30-stock index rocketed 267.36 points to move into noon hour Tuesday at 34,179.80.

The S&P 500 recovered 13.35 points to 4,310.49.

The NASDAQ Composite remained in the red 8.63 points to 13,119.42.

Walmart reported earnings per share that beat analyst expectations and stuck with its second-half outlook, which sent the stock up more than 5%. Home Depot shares jumped 4% after reporting results that beat expectations and maintaining its 2022 guidance.

Amid the news, retail names including Target, Best Buy and Bath & Body Works moved more than 4% higher. Retail earnings continue with reports from Target and Lowe’s on Wednesday.

Wall Street is coming off a solid session, with the major averages all rising Monday after a sharp intraday turnaround. The move higher built on the market’s rally off a June low.

Treasury prices were down, raising yields to 2.84% from Monday’s 2.80%. Treasury prices and yields move in opposite direction.

Oil prices lost $2.11 to $87.30 U.S. a barrel.

Gold prices fell $8.30 to $1,789.80 U.S. an ounce.