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The stock market rebounded from its longest slide in 2023 amid a raft of corporate earnings, with traders awaiting results from giants Microsoft Corp. and Google’s parent Alphabet Inc. after the close. Oil held near US$85 a barrel.
The S&P 500 halted a five-day slide, remaining above the 4,200 technical support. Verizon Communications Inc. posted earnings that beat analysts’ estimates, while Coca-Cola Co. and General Electric Co. climbed on bullish forecasts. Shares of companies linked to cryptocurrencies rallied as Bitcoin briefly topped US$35,000. Treasury 10-year yields were little changed, following Monday’s intense volatility.
Investors looking to the earnings season for a dose of good news are hanging their hopes on big tech. The five biggest companies in the S&P 500 — Apple Inc., Microsoft, Alphabet Inc., Amazon.com Inc. and Nvidia Corp. — account for about a quarter of the benchmark’s market capitalization. Their earnings are projected to jump 34 per cent from a year earlier on average, according to analyst estimates compiled by Bloomberg Intelligence.
In Canada, the S&P/TSX composite index was up 0.15 per cent, supported by gains in the information technology, utilities and consumer staples sectors.
CAE Inc. has signed a deal sell its health-care business to U.S. company Madison Industries for $311 million.
CAE chief executive Marc Parent says the decision better positions the company to secure the many attractive growth opportunities on the horizon in its much larger, core simulation and training markets.
While CAE is best known for its flight simulators, the health-care business is focused on training for medical professionals including patient simulators.
Parent says the business, which it launched in 2009,
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