Equities in Toronto found themselves traveling in a negative direction as Wednesday’s session ended, as bruises sustained by resources stocks countered advances by health and tech issues.
The S&P/TSX Composite Index slouched 69.69 points to conclude Wednesday at 15,552.88
The Canadian dollar slipped 0.55 cents at 74.17 cents U.S.
Gold took the brunt of losses, particularly IAMGOLD, down 28 cents, or 4.7%, to $5.71, while Barrick Gold regressed 89 cents, or 3.4%, to $25.48.
Materials also took some knocks, as Lundin Mining fell three cents to $7.06, and First Quantum Minerals lost 13 cents, or 1%, to $13.34
Energy stocks also moved in the other direction, as Cenovus Energy slid 37 cents, or 2.6%, to $13.94, and MEG Energy faded 15 cents, or 2.2%, to $6.55.
Health-care issues proved the strongest of the gainers, as Aphria Inc. picked up 33 cents, or 5%, to $7.00, while rival Canopy Growth vaulted 57 cents, or 5.9%, to $10.24.
Among techs, BlackBerry jumped 36 cents, or 3.1%, to $12.04.
ON BAYSTREET
The TSX Venture Exchange plummeted 6.27 points to 824.51.
Seven of the 12 TSX subgroups were lower on the day, with gold dulling in price by 2.5%, materials down 1.8%, and energy slumping 1.7%
The five gainers were led by health-care, towering higher 0.9%, information technology, up 0.6%, and consumer discretionary stocks better by 0.5%.
ON WALLSTREET
Stocks in the States lost much of their grip by Wednesday’s closing bell, as with IBM and oil prices pushed down the Dow Jones industrial average.
The Dow tunneled lower 118.79 points higher to 20,404.49, IBM accounting for 57 of those points, while Goldman Sachs added 10 points to the downside. IBM, colloquially known as “Big Blue”, posted mixed quarterly results as earnings beat but sales fell for the 20th straight quarter on a year-over-year basis. The stock fell more than 5%.
The blue-chip index also notched a two-day drop of more than 200 points and has closed lower in five of the past six sessions.
The S&P 500 let go of 4.02 points to 2,338.17, with energy stocks leading decliners.
The NASDAQ Composite stayed buoyant 13.56 points to 5,863.03.
Financials traded higher earlier in the session after Morgan Stanley posted a strong first-quarter as its fixed-income trading revenue doubled year over year.
The investment bank's results easily topped Wall Street expectations, in stark contrast to Dow component Goldman Sachs, which shocked investors with disappointing earnings and revenue.
This earnings season, one expert opined that 77% of the S&P 500 companies that had already reported topped Wall Street estimates and 58% outperformed sales expectations.
American Express, eBay, Qualcomm and CSX are among the companies scheduled to report after the bell Wednesday.
On matters macroeconomic, the U.S. Federal Reserve's Beige Book showed economic activity increased across all 12 districts. Market expectations for a rate hike in June have slipped recently, amid disappointing inflation and retail sales data.
Investors also kept an eye on France, as the country's presidential election drew closer. Four candidates are within striking distance of the presidency, including far-leftist Jean-Luc Melenchon and conservative Marine Le Pen.
France’s CAC 40 index posted its worst one-day performance since Sept. 26 on Tuesday as jitters over the election led investors to sell ahead of the contest.
Prices for the benchmark 10-year Treasury note were lower, lifting yields to 2.21% from Tuesday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.84 at $50.57 U.S. a barrel
Gold prices sank $13.50 at $1,280.60 U.S. an ounce.
