CANADA STOCKS-TSX rises as gold stocks climb, investors await Nvidia results
By Avinash P
Nov 19 (Reuters) - Canada's main stock index inched higher on Wednesday, supported by higher gold prices, while investor attention centered on Nvidia's quarterly earnings due after the U.S. markets close .
At 09:45 a.m. ET, Toronto's S&P/TSX composite index .GSPTSE was up 0.55% at 30,203.84 points, snapping two straight days of losses amid increased doubts about stretched valuations in technology and artificial intelligence stocks and ambitious spending in the sector.
Markets now focus on Nvidia's NVDA.O third-quarter results, which could either make or break the tone for the AI-driven market rally that has been responsible for most gains on Wall Street this year.
"I think everybody's waiting for Nvidia to report earnings after the bell. Everybody's talking about the biggest company in the world by far and it's going to obviously mean a lot to the tech area," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
Investors are watching for a delayed U.S. labor report, now scheduled for Thursday, which could confirm weakness in the job market and reignite hopes of a Federal Reserve rate cut.
"The data we will receive on Thursday will give us a little bit more information as to the strength of the economy and for us here in Canada, even though it is the U.S. number," said Small.
The gold subindex .SPTTGD outperformed peers with a 2.9% rise as gold prices rose 1%, boosted by demand for safe-haven assets.
Meanwhile, Bank of Canada Deputy Governor Nicolas Vincent is set to speak later in the day, potentially offering clues on the country's policy path.
In corporate news, J.P. Morgan raised the price target on business jet maker Bombardier BBDb.TO to C$215 from C$170. Shares were up 1.5%.
Cenovus Energy CVE.TO announced a $1.6 billion offering of senior notes, sending shares down 2.2%.
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