Equities in Toronto fell on Wednesday as energy stocks weighed with a decline in oil prices and uranium producer Cameco Corp plunged on a negative outlook.
The S&P/TSX Composite remained in the red 6.33 points to greet noon 15,435.03
The Canadian dollar stepped back 0.67 cents at 75.88 cents U.S.
Cameco fell 12.2% to $15.21 after the company said it expected its 2016 adjusted profit to be significantly lower than analysts' estimates and also said it would cut 120 jobs at three of its uranium mines in 2017.
Cameco's fall offset broader gains among the materials sector, which includes precious and base metals miners and fertilizer companies.
Goldcorp advanced 1.2% to $20.01 and First Quantum Minerals rose 1.4% to $17, with gold just off an eight-week high and copper steadying after a sharp fall in the prior session.
In the oil patch, Suncor Energy slipped 0.8% to $42.39, while Crescent Point Energy declined 2.3% to $16.02.
The Bank of Canada, as expected, announced this morning it is maintaining its target for the overnight rate at 0.5%. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%
Elsewhere on the economic calendar, Statistics Canada reported that in November, 574,500 people received regular Employment Insurance benefits, essentially unchanged from the previous month.
ON BAYSTREET
The TSX Venture Exchange dropped 1.25 points to 795.58
All but two of the 12 subgroups were in positive territory by noon, as gold leaped 1.1%, health-care prospered 0.8%, and materials moved ahead 0.5%.
The lone laggard was in energy, settling back 0.8%, while information technology issues were unchanged.
ON WALLSTREET
Equities south of the border traded mixed on Wednesday as investors parsed through a series of corporate earnings and solid inflation data.
The Dow Jones Industrials lurched lower 43.5 points by midday to 19,783.27, with UnitedHealth and Goldman Sachs suffering the heaviest losses.
The S&P 500 moved up 0.39 points to 2,268.28, with industrials leading advancers and energy lagging.
The NASDAQ composite index hung onto 3.94 points of gains to 5,542.67
Investment banking giant Goldman Sachs reported quarterly results that easily topped analyst expectations, boosted by a surge in trading revenue. Citigroup posted better-than-expected adjusted quarterly profits, but sales missed consensus estimates.
Other companies that posted quarterly earnings include Fastenal and Northern Trust. Video streaming giant Netflix is scheduled to report after the bell on Wednesday.
Traders have been largely focusing on Trump's plans for fiscal stimulus, deregulation of certain sectors and tax reform. The broader U.S. indexes have risen to record highs since last November’s election.
However, the Dow has held in its tightest trading range dating back to 1957 over the past month, as investors look for more details about Donald Trump's policies once sworn in as president on Friday.
In economic news, the Consumer Price Index rose 0.3%, in line with expectations, putting it up 2.1% year over year. This was also the first time CPI rose above 2% since 2014.
Other economic data released Wednesday included industrial production, which grew 0.8% in December, and the NAHB survey for January, which showed home builder sentiment pull back slightly.
The Federal Reserve's Beige Book is also scheduled for release. Fed Chair Janet Yellen is also scheduled to speak at 3 p.m. ET.
Prices for the benchmark 10-year Treasury note weakened, driving up yields to 2.38% from Tuesday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices let go of 44 cents to $52.04 U.S. a barrel
Gold prices dropped 30 cents to $1,212.60 U.S. an ounce.
