TSX Advances on Earnings

The TSX Composite had gained 102.45 points to begin the midweek session at 18,975.92.

The Canadian dollar inched up 0.03 cents at 72.08 cents U.S.

Centerra Gold jumped 40 cents, or 5.7% to $7.45, after the gold miner beat third-quarter revenue estimates and posted quarterly profit compared to a loss in the previous year.

The utilities index advanced, as Brookfield Infrastructure Partners rose $2.38, or 7.6%, to $33.77 after reporting higher revenue in the third quarter.

Shares of Canada Goose Holdings tumbled $1.33, or 8.7%, to $14.05, after the luxury parka maker cut its annual sales forecast on weak demand in high-growth market China.

First Quantum Minerals extended declines for the third consecutive day, down $2.03, or 12.6%, to $14.04, as uncertainty over the future of its key Panama copper mine led investors to cut their exposure.

On the economic slate, Manufacturing PMI in Canada increased to 48.60 points in October from 47.50 points in September of 2023. Manufacturing PMI in Canada averaged 52.60 points from 2011 until 2023, reaching an all time high of 58.90 points in March 2022 and a record low of 33 points in April of 2020, those figures from Markit Canada.

ON BAYSTREET

The TSX Venture Exchange dipped 1.5 points to 514.57.

All but two of the 12 TSX subgroups were positive by early afternoon, with real-estate up 1.6%, while communications and consumer staples each better by 1.1%.

The two laggards were materials, down 0.9%, gold, off 0.8%.

ON WALLSTREET

Stocks gained Wednesday ahead of the Federal Reserve’s latest policy decision on interest rates after closing out a terrible month.

The Dow Jones Industrials added 104.53 points, to 33,157.40.

The S&P 500 index progressed 22.11 points to 4,215.91.

The NASDAQ surged 89.37 points to 12,940.61.

Information technology stocks outperformed, gaining more than 1%. Semiconductor companies Advanced Micro Devices hiked 6% and Micron Technology added 4%. Nvidia shares were higher by 2%.

The Treasury detailed plans of the size of its future bond sales amid growing concerns of the U.S. government’s rising debt load. It appeared to be in-line with what traders were expecting. The Treasury will auction $112 billion in debt next week, largely matching what Wall Street was expecting.

Private sector payrolls in October came in weaker than expected, the ADP said Wednesday. Companies added 113,000 workers last month, lower than the 130,000 anticipated by economists polled by Dow Jones.

Traders turned their eyes to Washington for the Fed’s latest policy announcement. Central bankers are largely expected to keep rates steady. Fed funds futures pricing suggests a more than 99% probability that rates will remain at current levels, according to the CME FedWatch Tool.

The decision is slated for release at 2 p.m. ET, followed by a news conference with Chair Jerome Powell at 2:30 p.m. ET.

Other economic data that came out Wednesday morning showed signs of cooling in the economy and labor market. The ISM manufacturing index showed manufacturing activity contracted more than expected in October. The Job Openings and Labor Turnover Survey showed that vacancies rose slightly in September. Private sector payrolls in October came in weaker than expected, the ADP said Wednesday.

Wall Street is coming off a dismal October. The Dow slid 1.4% to end the month, and the S&P 500 fell 2.2%, marking the first three-month losing streak for both indexes since March 2020. Notably, the S&P 500 temporarily fell into correction territory. The NASDAQ Composite dropped 2.8% in October, also falling for a third straight month.

Prices for the 10-year Treasury jumped, lowering yields to 4.81% from Tuesday’s 4.92%. Treasury prices and yields move in opposite directions.

Oil prices improved one dollar to $82.02 U.S. a barrel.

Gold prices dumped $6.20 to $1,988.10.