Canada's main stock index opened lower on Wednesday, pressured by technology stocks following Shopify's downbeat forecast, while higher bond yields and declining commodity prices further weakened sentiment.
The TSX Composite tumbled 230.13 points, or 1%, to kick off Wednesday at 22,060.49.
The Canadian dollar fell 0.01 cents at 72.81 cents U.S.
Suncor Energy beat first-quarter profit estimates on Tuesday, boosted by strong demand for refined products and record oil sands production. Suncor shares eked eight cents to $53.52, while shares in Shopify collapsed $20.35, or 19.2%, to $85.41.
ON BAYSTREET
The TSX Venture Exchange dipped 0.55 points to 592.69.
All but three of the 12 TSX subgroups were negative in the first hour, with information technology bailing out 5.7%, while health-care ailed 0.8%, and energy stocks were 0.6% less energetic.
The three gainers were consumer staples, industrials and communications, up 0.3% each.
ON WALLSTREET
Stocks fell Wednesday as pressure on several tech names put the Dow Jones Industrial Average and S&P 500 to snap their recent winning streaks.
The 30-stock index edged ahead 11.12 points to open at 38,895.38.
The S&P 500 subtracted 7.04 points to 5,180.06.
The NASDAQ fell 46.71 points to 16,285.84.
Uber shares fell 8.5% after the rideshare company’s posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2% after the chipmaker lowered its second-quarter revenue guidance.
Tesla shares dipped 4% after Reuters reported that U.S. prosecutors are looking into whether the company committed wire fraud as part of a probe into Tesla’s Autopilot systems.
Chip stocks were down broadly as well. Nvidia lost about 1% along with AMD. The VanEck Semiconductor ETF (SMH) fell slightly.
Wednesday’s declines could lead the Dow to snap a five-day winning streak, its longest since December. The S&P 500 has risen for four straight days.
Prices for the 10-year Treasury sagged, raising yields to 4.49% from Tuesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices removed 50 cents to $77.88 U.S. a barrel.
Gold prices docked $6.80 to $2,317.40.
