Energy and materials climbed on the TSX, but lacklustre staples and telcos kept the TSX barely positive in Thursday trading. However a barrel of WCS fell nearly 10% to below $18 while WTI slipped nearly 2.5%. Early in the session and in recent days, investors have been encouraged by OPEC’s record cuts and rising demand from China, whose economy is in the process of reviving post-lockdown, but then there were downbeat comments from the U.S. Fed about America’s own recovery and there were a few doubts about OPEC complying with its cuts.
The Fed’s sentiment came as the latest U.S. weekly jobless numbers showed more than three million files claims. In Toronto, miners like Osisko (up 10.56%) were among the day’s winners, as was alternative lender, Goeasy, which popped over 25%.
Returning to the States, the Nasdaq climbed 1.41% as the Dow and S&P trailed though closed positive. Apparently, investors are more confident about the country reopening than pessimistic about the unemployment number. Uber was among the big names reporting Thursday. It lost nearly $3 billion in Q1, a number that even Uber admits is stunning, but Uber Eats soared 54%. Despite this mixed picture, Uber rallied over 11% during the session and rose another 7.6% immediately after the report was released after the closing bell.