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TC Energy Corp. reported a first-quarter profit of $1.31 billion, up from $358 million in the same quarter last year.

The pipeline company says the profit amounted to $1.29 per diluted share for the quarter ended March 31, up from a profit of 36 cents per diluted share a year earlier.

Revenue totalled $3.93 billion, up from $3.50 billion in the first three months of 2022.

TC Energy says its comparable results for its most recent quarter amounted to $1.21 per share, up from $1.12 per share in the same quarter last year.

Analysts on average had expected a profit of $1.15 per share, according to estimates compiled by financial markets data firm Refinitiv.

TC Energy says construction of its Coastal GasLink project continued in line with its revised cost and schedule and is now about 87 per cent complete. The company says it continues to target mechanical completion by late this year.

This report by The Canadian Press was first published April 28, 2023.

Canadian uranium miner Cameco (CCO) has reported that its first quarter profit more than doubled from a year earlier.

The Saskatoon-based company, which is the world’s largest publicly traded uranium miner, also reported that its revenue rose more than 70% due to higher deliveries and prices.

Cameco said its profit for this year’s first quarter amounted to $119 million or $0.27 per share, up 198% from $40 million or $0.10 a share a year ago.

Revenue in Q1 totalled $687 million, up 73% from $398 million in the first three months of 2022.

Analysts who cover the company had expected a Q1 profit of $0.25 per share, according to Refinitiv data.

Looking ahead, Cameco raised its revenue forecast for all of this year to between $2.22 billion and $2.37 billion compared with previous guidance of between $2.12 billion and $2.27 billion.

Stocks moved sharply lower during trading on Tuesday, with the major averages adding to the slim losses posted during Monday’s session. The major averages all showed significant moves to the downside on the day.

The major averages recovered from their worst levels of the day but still posted steep losses. The Dow tumbled 367.17 points or 1.1 percent to 33,684.53, the Nasdaq slumped 132.09 points or 1.1 percent to 12,080.51 and the S&P 500 plunged 48.29 points or 1.2 percent to 4,119.58.

The sell-off on Wall Street came as some traders looked to cash in on recent strength in the markets ahead of the Federal Reserve’s monetary policy announcement on Wednesday.

With the Fed widely expected to raise interest rates by another 25 basis points, traders will pay close attention to the accompanying statement for clues about the outlook for rates.

CME Group’s FedWatch Tool is currently indicating an 87.5 percent chance the Fed will raise rates by 25 basis points and a 72.9 percent chance the central bank will subsequently leave rates unchanged in June.

Concerns about lawmakers’ struggles to reach an agreement on raising the U.S. debt ceiling also weighed on Wall Street.

U.S. Treasury Secretary Janet Yellen has warned the Treasury might run out of money to cover obligations as soon as June 1.

In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured goods increased by slightly more than expected in March.

The Commerce Department said factory orders advanced by 0.9 percent in March after slumping by a revised 1.1 percent in February.

Economists had expected factory orders to climb by 0.8 percent compared to the 0.7 percent decrease originally reported for the previous month.

A separate report released by the Labor Department showed job openings in the U.S. fell by more than expected in the month of March.

The Labor Department said job openings decreased to 9.590 million in March from an upwardly revised 9.974 million in February. With the drop, job openings fell to their lowest level since April 2021.

Economists had expected job openings to decline to 9.775 million from the 9.931 million originally reported for the previous month.

Energy stocks moved sharply lower on the day, with another steep drop by the price of crude oil weighing on the sector.

After slumping $1.12 to $75.66 a barrel in the previous session, crude for June delivery plummeted $4 to $71.66 a barrel amid concerns about the outlook for demand.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 5.1 percent and the NYSE Arca Oil Index dove by 4.5 percent.

Banking stocks also showed a substantial move to the downside on the day, with the KBW Bank Index tumbling by 4.5 percent to its lowest closing level in over two years.

Networking, brokerage and steel telecom stocks also saw significant weakness, while gold stocks were among the few groups to buck the downtrend amid a spike by the price of the precious metal.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. Japan’s Nikkei 225 Index crept up by 0.1 percent, while Australia’s S&P/ASX 200 Index slid by 0.9 percent following a surprise interest rate hike.

Meanwhile, the major European markets all moved notably lower on the day. While the French CAC 40 Index tumbled by 1.5 percent, the German DAX Index and the U.K.’s FTSE 100 Index both slumped by 1.2 percent.

In the bond market, treasuries showed a strong move back to the upside following the steep drop seen on Monday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 13.5 basis points to 3.439 percent.

Looking Ahead

Trading on Wednesday is likely to be driven by reaction to the Fed’s monetary policy announcement, although reports on private sector employment and service sector activity may attract attention earlier in the day.

On the earnings front, Advanced Micro Devices (AMD), Clorox (CLX), Ford (F) and Starbucks (SBUX) are among the companies releasing their quarterly results after the close of today’s trading.

CVS Health (CVS), Kraft Heinz (KHC) and Yum! Brands (YUM) are also among the companies due to report their results before the start of trading on Wednesday.

Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week.

Brent futures fell $3.99, or 5%, to settle at $75.32 a barrel, while West Texas Intermediate crude (WTI) fell $4.00, or 5.3%, to end at $71.66.

That was the lowest close for both benchmarks since March 24 and was also their biggest one-day percentage declines since early January.

Oil prices and Wall Street’s main indexes both fell after U.S. Treasury Secretary Janet Yellen said the government could run out of money within a month.

The White House said President Joe Biden would not negotiate over the debt ceiling during his meeting with four top congressional leaders on May 9, but he will discuss starting “a separate budget process.”

U.S. job openings fell for a third straight month in March and layoffs increased to the highest level in more than two years, suggesting some softening in the labor market that could aid the Federal Reserve’s fight against inflation.

“The U.S. economy continues to evolve in a manner consistent with a recession commencing later this year,” analysts at Barclays, a bank, said in a note.

“The manufacturing sector is contracting, the consumer is struggling, … There are broadening signs of cracks emerging within the labor market,” Barclays said.

Later this week, investors will look for market direction from expected interest rate hikes by central banks still fighting inflation. More hikes could slow economic growth and dent energy demand.

The U.S. Federal Reserve is expected to increase interest rates by another 25 basis points on Wednesday.

The European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.

“The … action of central banks in their mission to tame elevated consumer and producer prices … all cast a rather long shadow of doubt on prospects going forward,” oil broker PVM’s Tamas Varga said.

Concerns about diesel demand in recent months, meanwhile, has pressured U.S. heating oil futures to their lowest level since December 2021.

“Oil basically has weakening prospects from the world’s two largest economies, China and the U.S., and if the macro backdrop deteriorates momentum selling could easily send prices below the $70 level,” said Edward Moya, senior market analyst at data and analytics firm OANDA.

Over the weekend, data from China, the world’s top crude importer, showed manufacturing activity fell unexpectedly in April. That was the first contraction in the manufacturing purchasing managers’ index since December.

IRAN OIL OUTPUT RISING

On the supply side, Iran’s oil production surpassed 3 million barrels per day (bpd), its oil minister said. The OPEC member, which has been under U.S. sanctions since 2018, pumped 2.4 million bpd on average in 2021.

The market shrugged off news that the Organization of the Petroleum Exporting Countries’ output fell in April, as sanctioned countries Russia and Iran continued to find outlets for their crude.

Meanwhile, U.S. crude stockpiles were forecast to have drawn down for a third week in a row for the first time since December, falling some 1.1 million barrels last week, according to analysts in a Reuters poll.

The poll was conducted ahead of reports from the American Petroleum Institute, due at 4:30 p.m. EDT on Tuesday and the U.S. Energy Information Administration (EIA) at 10:30 a.m. EDT on Wednesday.

Published: 5/2/2023 5:25 PM ET

The Canadian market ended notably lower on Tuesday, weighed down by losses in energy and financials shares.

Worries about growth and likely policy tightening by the Federal Reserve contributed to the weakness in the market.

The benchmark S&P/TSX Composite Index, which tumbled to 20,282.14 around late morning, losing more than 330 points in the process, ended down 207.54 points or 1.01% at 20,407.56.

The Energy Capped Index fell 4.64%. Imperial Oil (IMO.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Advantage Oil & Gas (AAV.TO), Precision Drilling (PD.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Whitecap Resources (WCP.TO) and Enerplus Corp (ERF.TO) lost 4 to 7%.

Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) ended lower by 2 to 3%. CDN Western Bank (CWB.TO), Toronto-Dominion Bank (TD.TO) and Sun Life Financial (SLF.TO) also ended notably lower.

Among other major losers, Colliers International (CIGI.TO) plunged nearly 10%. Goeasy (GSY.TO), Bombardier Inc (BBD.B.TO), West Fraser Timber (WFG.TO) and Kinaxis Inc (KXS.TO) lost 1 to 3.4%.

Molson Coors Canada (TPX.A.TO) rallied more than 6%. Osisko Gold Royalties (OR.TO) surged 6.3%. Wheaton Precious Metals (WPM.TO) and Agnico Eagle Mines (AEM.TO) gained 4.8% and 4.5%, respectively.

Published: 5/1/2023 2:10 PM ET

Gold futures settled lower on Monday as the dollar climbed up amid bets about a rate hike ahead of the Federal Reserve’s policy announcement.

The Federal Reserve is scheduled to announce its monetary policy on Wednesday. The central bank is widely expected to raise rates by 25 basis points. As per the CME FedWatch tool, probability for a 25 basis points hike now stands at 84.3 percent, versus 83.9 percent a day earlier and 90.5 percent a week earlier.

In addition to the Federal Reserve, the European Central Bank, the Bank of England as well as the Reserve Bank of Australia are undertaking a review of interest rates in the next few days.

The dollar index surged to 102.19, gaining more than 0.5%.

Gold futures for June ended lower by $6.90 or about 0.4% at $1,992.20 an ounce, the lowest close in more than a week.

By RTTNews Staff Writer   ✉  | Published: 5/1/2023 2:10 PM ET

Gold futures settled lower on Monday as the dollar climbed up amid bets about a rate hike ahead of the Federal Reserve’s policy announcement.

The Federal Reserve is scheduled to announce its monetary policy on Wednesday. The central bank is widely expected to raise rates by 25 basis points. As per the CME FedWatch tool, probability for a 25 basis points hike now stands at 84.3 percent, versus 83.9 percent a day earlier and 90.5 percent a week earlier.

In addition to the Federal Reserve, the European Central Bank, the Bank of England as well as the Reserve Bank of Australia are undertaking a review of interest rates in the next few days.

The dollar index surged to 102.19, gaining more than 0.5%.

Gold futures for June ended lower by $6.90 or about 0.4% at $1,992.20 an ounce, the lowest close in more than a week.

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Silver futures for July edged up $0.004 to settle at $25.230 an ounce, while Copper futures for July settled at $3.9340 per pound, gaining $0.0435.

In economic news today, a report released by the Institute for Supply Management today showed manufacturing activity in the U.S. contracted for the sixth consecutive month in April, although the pace of contraction slowed by more than expected.

The ISM said its manufacturing PMI rose to 47.1 in April from 46.3 in March, with a reading below 50 indicating a contraction. Economists had expected the index to inch up to 46.6.

The Commerce Department also released a report showing an unexpected increase in U.S construction spending in the month of March.

Published: 5/1/2023 3:11 PM ET

Crude oil prices tumbled on Monday, weighed down by concerns about economic growth and worries about outlook for energy demand.

Data showing a contraction in Chinese manufacturing activity and a potential interest rate hike by the Federal Reserve weighed as well.

West Texas Intermediate Crude oil futures for June ended lower by $1.12 or about 1.5% at $75.66 a barrel.

Brent crude futures settled at $79.31 a barrel, down $1.02 or about 1.3% from the previous close.

The Federal Reserve, scheduled to announce its monetary policy on Wednesday, is widely expected to raise interest rate by 25 basis points.

The CME FedWatch tool, currently indicates that markets have priced in an 89.5% probability for a 25-basis points rate hike by the Fed in the forthcoming review. The same was 83.9% a day earlier and 90.5% a week earlier.

Data released by the National Bureau of Statistics over the weekend showed the Purchasing Managers’ Index (PMI) for China’s manufacturing sector came in at 49.2 in April, down from 51.9 in March.

A sub-index to measure new orders dipped to 48.8 from 53.6, indicating decline in market demand and acting as a major contributor to the fall

Published: 5/1/2023 5:15 PM ET

The Canadian market failed to hold early gains and ended marginally down on Monday due largely to some heavy selling at several counters in the energy sector.

Energy stocks fell as crude oil prices tumbled amid concerns about the outlook for energy demand after data showed a contraction in Chinese factory activity.

Investors also looked ahead to the Federal Reserve’s monetary policy announcement, due on Wednesday. The U.S. central bank is widely expected to raise interest rates by 25 basis points.

The benchmark S&P/TSX Composite Index ended down 21.44 points or 0.1% at 20,615.10, near the day’s low. The index climbed to 20,766.87 in early trades, before drifting lower as the day progressed.

Precision Drilling Corporation (PD.TO), Teck Resources (TECK.A.TO), Shopify Inc (SHOP.TO), goeasy (GSY.TO), FirstService Corporation (FSV.TO), Colliers International (CIGI.TO) and Fairfax Financial Holdings (FFH.TO) lost 1 to 2.7%.

Cargojet Inc (CJT.TO) climbed nearly 4% on strong results. The company reported a net income for $30.5 million for the quarter ended March 31, 2023, compared to a net loss of $56.4 million in the year-ago quarter.

Bombardier Inc (BBD.A.TO) surged nearly 4%. CCL Industries (CCL.B.TO), ATS Corporation (ATS.TO), Dollarama (DL.TO), BRP Inc (DOO.TO), Constellation Software (CSU.TO), Franco-Nevada Corporation (FNV.TO) and Kinaxis Inc (KXS.TO) climbed 1 to 2.5%.

On the economic front, data released by Markit Economics shows the S&P Global Manufacturing PMI rose to 50.2 in April 2023, pointing to a marginal expansion in the manufacturing sector after posting a near three-year low of 48.6 in the previous month.