U.S. stocks climbed to an almost six-week high amid a rally in some of the world’s largest technology companies.
The S&P 500 extended gains into a fourth day and the Nasdaq 100 posted its biggest advance since April after surging as much as 4.1 per cent. Amazon.com Inc. soared ahead of its Prime Day while Apple Inc. jumped as the tech giant — whose price target was raised by RBC Capital Markets — is set to embrace 5G as one of its most significant additions to this year’s iPhones. Twitter Inc. rallied on an upgrade at Deutsche Bank, which also boosted its price estimates for other companies that derive their revenue from digital advertising such as Facebook Inc. and Alphabet Inc.
After plunging into a correction last month, the tech-heavy gauge extended its surge from this year’s lows to more than 70 per cent. Investors have once again turned back to the companies flush with cash that can thrive if the economic recovery slows down. Prospects for a quick end to the stalemate over a new stimulus faded Monday with members of the House being told not to expect any action this week and many Senate Republicans rejecting the White House proposal for a deal.
“People are going back to the trade that’s worked, and that’s the growth trade,” said Keith Gangl, a portfolio manager of Gradient Investments. “People are worried about missing out, so they are going right to the tech leaders.”
The hearings for the Supreme Court nomination of Judge Amy Coney Barrett began Monday in the Senate Judiciary Committee as Republicans try to cement a conservative majority on the court before the Nov. 3 election.
Elsewhere, oil slumped with workers in the U.S. Gulf heading back following Hurricane Delta’s landfall and Libya taking a major step toward reopening its biggest field. The offshore yuan sank after China’s central bank took steps to restrain the currency’s rally. The Treasury market was closed for a U.S. holiday.
Here are some key events coming up:
JPMorgan, Citigroup and BlackRock report earnings on Tuesday; results from Wells Fargo, Bank of America and Goldman Sachs are due Wednesday; Morgan Stanley’s earnings are scheduled for Thursday.
U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.
These are some of the main moves in markets:
Stocks
The S&P 500 climbed 1.6 per cent as of 4 p.m. New York time.
The Stoxx Europe 600 Index gained 0.7 per cent.
The MSCI Asia Pacific Index advanced 0.9 per cent.
Currencies
The Bloomberg Dollar Spot Index gained 0.1 per cent.
The euro fell 0.1 per cent to US$1.1812.
The British pound climbed 0.2 per cent to US$1.3065.
Bonds
Germany’s 10-year yield fell two basis points to -0.55 per cent.
Britain’s 10-year yield declined one basis point to 0.271 per cent.
Commodities
The Bloomberg Commodity Index fell 0.6 per cent.
West Texas Intermediate crude declined 2.8 per cent to US$39.47 a barrel.
Gold weakened 0.4 per cent to US$1,923.01 an ounce.
–With assistance from Adam Haigh, Anchalee Worrachate and Lynn Thomasson.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
