(CORRECTS FINAL RESULTS FOR TSX)
Equities in Toronto struggled much of the day Wednesday, as investors tried to digest the latest rate cut from the Bank of Canada.
The TSX tumbled 274.90 points to end Wednesday at 30,144.78.
The Canadian dollar was up 0.24 cents at 71.98 cents U.S.
The BoC did as expected, slashing rates by 25 basis points for a second consecutive time, as economists believe the bank needs to support a weak economy under threat from U.S. tariffs. The trendsetting rate is 2.25%.
In a recent post on Truth Social, U.S. President Donald Trump stated he "didn't come to South Korea to see Canada," highlighting ongoing trade tensions between the North American neighbors.
Prime Minister Mark Carney is also on his first official visit to Asia, attempting to deepen international trade and security ties at a time when Canada is struggling to reduce its dependence on the U.S.
In corporate developments, First Quantum Minerals reported third-quarter adjusted profit below analysts' expectations.
First Quantum shares dipped 62 cents, or 2%, to $30.51.
Consumer staples drooped the most, with Alimentation Couche-Tard skidding $3.63, or 4.9%, to $69.95, while Empire Company lost $2.28, or 4.7%, to $46.44.
In the industrial sector, Boyd Group slid $5.93, or 2.8%, to $208.18, while RB Global dived $4.69, or 3.3%, to $139. 16.
In real-estate, units of Granite REIT shed $2.60, or 3.3%, to $77.13, while units of First Capital REIT let go of 47 cents, or 2.5%, to $18.50.
Energy tried to lift the index up, with Canadian Natural Resources hiking $1.17, or 2.7%, to $44.85, while Vermilion Energy grabbed 20 cents, or 2%, to $10.35.
In materials, Capstone Mining copped 62 cents, or 5.3%, to $12.33, or Discovery Silver captured 16 cents, or 3.1%, to $5.32.
In gold, New Gold towered over the competition, popping 98 cents, or 11.1%, to $9.81, while Seabridge Gold climbed 72 cents, or 2.3%, to $32.78.
ON BAYSTREET
The TSX Venture Exchange subtracted 12.58 points, or 1.3%, to 943.51.
All but three of the 12 subgroups were lower on the day, with consumer staples trailing 3.7%, while industrials stocks dropped 1.7%, and real-estate fell 1.6%.
The three gainers were energy, up 1.1%, materials, better by 0.3%, and gold, improving 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average staged a rapid reversal on Wednesday, touching a record high earlier in the session before rolling over after Federal Reserve Chair Jerome Powell indicated that the central bank might not cut interest rates again in 2025.
The 30-stock index gave up its gains, moving lower 74.37 points Wednesday to 47,632
The S&P 500 inched back 0.28 points to 6,890.61.
The NASDAQ gained 130.98 points to 23,958.47.
Megacap technology name Nvidia clung to gains Wednesday, advancing 3.1%. The artificial intelligence chip darling’s market capitalization had rocketed up above $5 trillion in the session, the first time a U.S. company reached such a valuation.
The stock notched a five-day winning streak as well. The move comes just a day after the company announced an array of new deals, especially one that involves the chip giant taking a $1-billion stake in Finnish networking company Nokia.
The Fed lowered its benchmark overnight borrowing rate by a quarter percentage point at the conclusion of its two-day policy meeting Wednesday afternoon, putting it in a range of between 3.75% to 4%.
This marks the second time this year that the central bank has slashed rates. Prior to the decision, investors were betting on another quarter-point cut at the Fed’s December meeting.
Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea.
Prices for the 10-year Treasury leaped, dropping yields to 4.08% from Tuesday’s 3.98%. Treasury prices and yields move in opposite directions.
Oil prices gained 26 cents to $60.41 U.S. a barrel.
Gold prices turned lower $31.86 to $3,951/30 U.S. an ounce.
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