Stocks in Canada’s largest market fell hard at the open on Wednesday in broad-based declines led by banks, but losses were tempered by higher gold prices, which bolstered precious metal mining shares.
The S&P/TSX Composite Index slouched 176.24 points, or 1.2%, to greet noon at 15,367.09
The Canadian dollar inched up 0.07 cents to 73.54 cents U.S.
Home Capital Group on Tuesday published data showing that its deposit balances were continuing to decline.
Home shares shot lower 60 cents, or 6.7%, to $8.38.
Analysts say BlackBerry is working with at least two auto makers to develop a security service that would remotely scan vehicles for computer viruses and tell drivers to pull over if they were in critical danger.
The company formerly known as Research in Motion doffed nine cents to $13.75.
Morgan Stanley raised the target price on BCE to $62.00 from $61.00. BCE shares fell 45 cents to $60.26.
Morgan Stanley raised the target price on TELUS to $46.00 from $44.00. TELUS shares sank 44 cents, or nearly 1%, to $45.18.
Concerns have been raised that U.S. President Donald Trump's reform agenda could be slowed down, and that Trump himself could even face the threat of impeachment.
The two factors added to disappointing U.S. economic data to hit the country’s dollar and spur a pullback from richly valued stocks.
Economically speaking, manufacturing sales increased 1.0% to a record $53.9 billion in March, reflecting higher sales in the transportation equipment and food industries, according to Statistics Canada.
ON BAYSTREET
The TSX Venture Exchange gained 1.01 points to 809.28
All but two of the 12 TSX subgroups were lower, weighed by financials, down 1.6%, while consumer staples and industrials each suffered 1.4%
The two gainers were gold, shining 1.8% brighter, while materials grew 0.4%.
ON WALLSTREET
U.S. equities fell sharply on Wednesday as investors fretted over the latest news coming out of Washington.
The Dow Jones Industrials Average tumbled 233.76 points, or 1.1%, to 20,745.99, with Goldman Sachs contributing the most losses.
The S&P 500 retreated 25.5 points, or 1.1%, to 2,375.17, with financials tumbling 1.7% to lead decliners.
The NASDAQ fell back 79.46 points, or 1.3%, to 6,090.41.
Earnings reports are due from American Eagle Outfitters, L Brands, and Target
U.S. media confirmed Tuesday a report from The New York Times that former FBI Director James Comey put together a memo outlining a conversation in which President Donald Trump allegedly asked him to halt an investigation into Michael Flynn, the former national security adviser.
Later on Tuesday, House Oversight Committee Chairman Jason Chaffetz asked the FBI for any records it has on communications between Trump and Comey.
Stocks have rallied all year in part because of the hope for lower corporate taxes. Lately, the major indexes have pushed towards record levels, with the S&P and Nasdaq notching all-time highs earlier this week.
But equities would take a big hit if Trump were impeached, experts agree.
Prices for the benchmark 10-year Treasury note darted sharply higher, dropping yields to 2.24% from Tuesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained 15 cents at $48.81 U.S. a barrel
Gold prices climbed $20.40 at $1,256.80 U.S. an ounce.
