Stocks in Canada’s largest market opened lower on Wednesday, weighed by energy stocks as oil prices fell after days of gains.
The S&P/TSX Composite Index begins Wednesday off 2.12 points to 15,128.49
The Canadian dollar backed off 0.22 cents to 77.08 cents U.S.
Raymond James cut the rating on Athabasca Oil to market perform from outperform. Athabasca shares docked one cent, or 1%, to $1.02.
Barclays cut the target price on Jean Coutu Group PJC to $17.00 from $19.00, with an underweight rating. Coutu shares gathered six cents to $19.88.
TD Securities raised the target price on Veresen to $18.50 from $11.00. Veresen moved up four cents to $18.19.
ON BAYSTREET
The TSX Venture Exchange gave back 0.39 points to 763.66
Eight of the 12 TSX subgroups were lower at the outset, as energy plunged 1%, utilities eased off 0.6%, and consumer staples fell 0.3%.
The four gainers were led by health-care, information technology and real-estate each up 0.2%.
ON WALLSTREET
U.S. stocks proved a mixed bag on Wednesday as investors awaited the release of the minutes from the Federal Reserve's latest meeting.
The Dow Jones Industrials slumped 49.98 points to 21,429.29, with Goldman Sachs contributing the most gains.
The S&P 500 fell 2.8 points to 2,426.21, with information technology and financials leading advancers.
The NASDAQ gained 5.29 points to 6,115.35.
Wednesday will mark the first full trading day on Wall Street, as the New York Stock Exchange closed early on Monday and did not open
Tuesday because of the Fourth of July holiday.
The Fed minutes are scheduled for release at 2 p.m. ET in New York, and Wall Street will be looking for clues about when the central bank will start unwinding its balance sheet and further rate hikes.
In economic news, factory orders data for May were set for release this morning in New York. Later this week, the U.S. government will release its monthly employment report.
Prices for the benchmark 10-year Treasury note slid, raising yields to 2.35% from Monday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.01 to $46.03 U.S. a barrel
Gold prices moved up 60 cents to $1,219.80 U.S. an ounce.
