Equity markets in Toronto were down at the open on Wednesday as gains in energy stocks on the back of firmer crude prices were offset by weakness in the materials sector.
The S&P/TSX Composite eased back 54.12 points to open the midweek session at 18,275.97.
The Canadian dollar inched up 0.04 cents to 79.44 cents U.S.
Royal Bank of Canada topped analysts' estimates for first-quarter profit on Wednesday, driven by strength in its capital markets and wealth management units and lower provisions to cover potential loan losses from the COVID-19 pandemic.
Crescent Point Energy posted a higher fourth-quarter profit on
Wednesday, as commodity prices rebounded from pandemic lows.
TD Securities starts coverage on AcuityAds Holdings with a buy rating and a price target of $37
Credit Suisse raised the rating on Bank of Montreal to outperform from neutral.
Jefferies cut the rating on Canopy Growth to underperform.
ON BAYSTREET
The TSX Venture Exchange recovered 16.13 points, or 1.6%, to awaken at 1,055.73.
All but two of the 12 TSX subgroups were negative to begin the session, as gold dulled in price 2%, materials weakened 1.4%, and energy was 0.9% less energetic.
The two gainers were consumer discretionary and financial stocks, each up 0.1%.
ON WALLSTREET
Tech stocks dragged down the broader market on Wednesday as a jump in Treasury yields put pressure on risk assets.
The Dow Jones Industrials stumbled out of the gate 59.38 points, to 31,477.97.
The S&P 500 lost 12.33 points to 3,868.01
The NASDAQ Composite dropped 116.19 points to 13,349, as Apple, Microsoft and Amazon all slid more than 1%.
Tesla shares were higher by 2% after it was revealed Ark Invest’s Cathie Wood bought a ton more of her biggest holding during Tuesday’s selling. Wood bought more than $120 million worth of Tesla shares for the flagship Ark Innovation ETF, according to the firm’s website.
On Wednesday, the Food and Drug Administration’s staff endorsed Johnson & Johnson’s single-shot Covid-19 vaccine for emergency use, bringing in a third vaccine to the U.S.
Bitcoin, which some view as a barometer of speculation in financial markets, rebounded back above $50,000 after more buying of the cryptocurrency from Square.
Bond yields jumped higher even after Federal Reserve Chair Jerome Powell said in a congressional hearing that inflation was “soft” and that the U.S. economy was "a long way from our employment and inflation goals."
Powell’s visit to Capitol Hill will continue when he addresses the House of Representatives Financial Services Committee.
Prices for 10-Year Treasurys staggered, raising yields to 1.42% from Tuesday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices gained 89 cents to $62.56 U.S. a barrel.
Gold prices slid $20.90 to $1,785
