Canadian Stocks Gain 0.2% In Morning Trading

On October 8, Thursday, Philip Morris International (PM.N) became the top gainer in the S&P 500 Consumer Staples sector (.SPLRCS), followed by alcoholic beverage company Constellation Brands (STZ.N) and Altria Group (MO.N), both ranking among the day's biggest gainers. Shares of Philip Morris International (PM), a supplier of cigarettes and smoke-free nicotine products, rose about 4% to $200.89, set for a fourth consecutive session of gains and marking the largest single-day increase since July 16. Marlboro cigarette maker Altria gained 2.9% to $71.36. Earlier, British peer Imperial Brands (IMB.L) said it expects to meet its full-year guidance and announced a £1.5 billions ($1.98 billions) share buyback plan, as robust growth in tobacco alternatives helped offset declining cigarette sales. STZ, which produces beer, wine, and spirits, rose over 3% to $122.35 on the second trading day after releasing its quarterly report, despite several brokerages lowering their price targets. JPMorgan, however, raised its target from $133 to $136. Cetera Chief Investment Officer Gene Goldman noted on Thursday that there is “a rotation from growth stocks to defensive stocks” in the market, adding that “rising yields and wider credit spreads are putting pressure on AI and growth stocks.” He also pointed out that valuations in the sector are improving. Over the past three months, the sector has underperformed the broader S&P 500, falling 1% versus the benchmark’s 3.9% rise. Among the five S&P sectors that did not decline on Thursday, the Consumer Staples Index posted the second-largest gain, up 1.6%.

SuperX AI Technology's stock price declined, falling more than 2.5% at one point.