February 2, 2023

TSX up 32 Points on Mixed Sectors — Healthcare, Technology, Lead Gains; Commodities Offset

The TSX is up 32 points at midday, after hitting a high of 20,840 earlier. The biggest gainers are healthcare (+2.9%) and technology (+2.8%), respectively.

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Miners and energy are the biggest decliners, down 2.6% and 1.5%, respectively.

In stocks, Canada Goose (GOOS.TO) plunged 22% after reporting an earnings miss and cutting its outlook for FY 2023.

Thomas Simons and Aneta Markowska at Jefferies on Thursday noted with inflation starting to trend lower, the market has started to price in less restrictive monetary policy coming from the Fed. However, they said U.S. data releases like today’s showing Initial Jobless Claims dipped to 183K, a third straight week below 200K, are behind why policymakers continue to reiterate their intention to raise rates higher before pausing, and then leaving rates in a restrictive territory for quite a while. These policymakers, Jefferies added, recognize that inflation is heading lower, but they are concerned that it will settle at a level above their 2% target.

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