Equities in Toronto retreated from another record high the previous day, as tech and consumer discretionary stocks dawdled and overwhelmed gains by consumer staple and health-care issues.
The S&P/TSX Composite Index lost 35.49 points to close Wednesday at 16,096.30
The Canadian dollar recovered 0.24 cents to 78.60 cents U.S.
Among techs, BlackBerry drooped seven cents to $13.79, while Constellation Software slid $4.54 to $726.04.
In the consumer discretionary field, Magna International gave back $1.51, or 2.2%, to $67.85, while Linamar Corporation plummeted $10.69, or 13.9%, to $66.23.
Financials stubbed their toes, as Power Corporation surrendered 53 cents, or 1.6%, to $33.15, while Manulife Financial dropped 25 cents to $26.29.
Consumer staples boasted a strong performance, as grocer Metro Inc. gained 64 cents, or 1.6%, to $41.59, while Loblaw Companies jumped 95 cents, or 1.4%, to $67.54.
Health-care stocks enjoyed gains, though not living as high off the hog as they had done in previous days. Dear old standby Valeant Pharmaceuticals again powered ahead 90 cents, or 5%, to $18.99.
Among material stocks, Ero Copper picked up five cents to $5.89, while Kirkland Lake Gold took on two cents to $18.67.
On things macroeconomic, Statistics Canada revealed Wednesday that building permits rose in September for the first time in three months, as strength in the non-residential sector outweighed some weakness in the residential sector.
The agency says Canadian municipalities issued $7.9 billion worth of building permits in September, up 3.8% from the previous month.
ON BAYSTREET
The TSX Venture Exchange retreated 1.67 points Wednesday to 794.92
Eight of the 12 TSX subgroups went south, with information technology dipping 1%, consumer discretionaries subsiding 0.9% and financials sliding 0.4%.
The four gainers were led by consumer staples, better by 1.2%, health-care, advancing 0.7%, and materials, ahead 0.2%.
ON WALLSTREET
Bank shares fell broadly on Wednesday amid growing concerns that the recent Republican electoral losses could hinder the party's push to reform the U.S. tax code. They have also been pressured by a flattening yield curve.
The Dow Jones industrial average gained 6.13 points to 23,563.36, with Wal-Mart and Merck as the best-performing stocks in the index. Wal-Mart rose 1.5%, and Merck 1.8%.
The S&P 500 eked up 3.74 points to 2,594.38, with consumer staples as the best-performing sector
The NASDAQ Composite jumped 21.33 points to 6,789.12
For the week, the three major indexes are on track to post modest gains as earnings season winds down.
The banks fell after Republicans lost key elections in New Jersey and Virginia. These losses increase uncertainty around the GOP's plans to move forward with tax reform.
Bank of America was among the worst performers among bankers sliding 1.5%
Over the past year, banks have easily outperformed the broader market, up 26% since November 2016, while the S&P 500 has gained 21% in that time period.
Some of the companies that have reported this week include Snap and Lending Club, which fell sharply as its results disappointed investors.
This earnings season has been a strong one. With 87% of S&P 500 companies having reported, earnings have grown 6.4% year over year, as 74% of companies have surpassed Wall Street expectations
Prices for the benchmark 10-year Treasury note were lower, raising yields to 2.33% from Tuesday’s 2.31%. Treasury prices and yields move in opposite directions.
Oil prices skidded 38 cents a barrel to $56.82 U.S.
Gold prices recouped six dollars an ounce to $1,281.80 U.S.
