Canada's stock index edged higher on Wednesday, helped by higher prices of oil and metals, although shares of Royal Bank of Canada and National Bank of Canada fell despite upbeat results.
The TSX added 120.94 points to reach noon EST at 31,170.22.
The Canadian dollar inched up 0.12 cents to 71.71 cents U.S.
Royal Bank of Canada reported a rise in fourth-quarter profit, as the lender was helped by strength in its capital markets segment. Canada’s biggest bank rose in price $2.50, or 1.2%, $218.71.
National Bank of Canada also reported a rise in fourth-quarter profit, helped by a robust performance in its wealth management segments. National shares slid $3.97, or 2.3%, to $167.15.
In other corporate news, Manulife Financial announced the pricing of $1 billion senior notes due 2035. Manulife shares settled 25 cents to $48.65.
Enbridge forecast higher core profit for 2026, as the Canadian pipeline operator expects strong demand and new projects entering service. Enbridge forged ahead 11 cents to $67.40.
ON BAYSTREET
The TSX Venture Exchanged regained 3.81 points to 940.14.
All but two of the 12 TSX subgroups made gains midday, led by energy, up 1.8%, health-care, haler 1.1%, and industrials, stronger by 0.9%.
The lone laggards were consumer staples, weakening 0.7%, and utilities, off 0.4%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Wednesday as traders moved past the latest jobs data from ADP as well as some pressure on Microsoft
The 30-stock index hiked 183.26 points to pause for lunch at 47,657.72.
The S&P 500 Index regained 3.5 points to 6,832.87.
The NASDAQ sank 27.86 points to 23,385.82.
Microsoft shares fell almost 2% after The Information reported it was cutting software sales quotas tied to artificial intelligence. The stock came off its lows of the session after the company denied that they had lowered sales quotas for salespeople.
Other names linked to the AI trade, including chipmakers Nvidia and Broadcom, fell in sympathy with Microsoft. Nvidia was marginally lower, while Broadcom retreated more than 1%. Micron Technology was also under pressure, dropping more than 1%.
almost 1%, while Broadcom retreated more than 2%.
American Eagle Outfitters was another standout, rallying more than 14% after it became the latest retailer to lift its full-year forecast. The apparel company said the holiday shopping season was off to strong start.
Stock losses were mitigated, however, after payrolls processor ADP reported that private payrolls surprisingly declined by 32,000 in November. Economists polled by Dow Jones had expected an increase of 40,000 for the month.
Despite the tough reading on the economy, traders were likely betting that the private job losses could clinch a Federal Reserve rate cut at its last meeting of the year next week.
Traders are optimistic about corporate earnings results and are looking ahead to the Fed’s interest rate decision on Dec. 10. Markets are pricing a roughly 89% chance of a cut during the upcoming meeting, which is much higher than the odds from mid-November.
The 10-year Treasury gained, lowering yields to 4.07% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices gained 35 cents to $58.99.
Gold prices spiked $27.70 to $4,248.50.
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