S&P/TSX composite up, U.S. markets mixed amid flood of earnings reports
North American markets were mixed, with some indexes posting modest gains on a day where an update from the U.S. Federal Reserve and a flood of earnings reports rippled into stock movement.
Michael Currie, vice-president and investment adviser at TD Wealth, said he struggled to find companies that didn’t report strong earnings this quarter, although noted many North American stocks were flat because they had already gained so much in previous months.
An exception to that was Tilray Inc., one of the largest cannabis producers, which saw its shares surge 25.08 per cent.
“Tilray is certainly the story of the day,” said Currie.
“Analysts were expecting a loss of 25 per cent per share but they ended up making money… they pretty much had everything you want to hear from a company in terms of beating expectations and putting up a profit.”
Cannabis stocks in general were what held up Canada’s main stock…