Stocks in Toronto took a pounding on the first day of August, with health-care and materials taking the brunt of the selloff.
The S&P/TSX Composite Index faded 57.25 points to end Wednesday at 16,376.77
The Canadian dollar gained 0.12 cents at 76.93 cents U.S.
Among health-care stocks, Aphria was showing the worst bruises, docking 91 cents, or 7.9%, to $10.61, while Canopy Growth Corporation doffed 68 cents, or 2%, to $33.64.
In materials, Agnico Eagle Mines fell 87 cents, or 1.6%, to $53.63, while First Quantum Minerals fell $1.53, or 7.5%, to $18.75.
Tech issues fell as well, as Constellation Software tumbled $11.73, or 1.2%, to $931.30, while Shopify Inc. erased $3.60, or 2%, to $177.62.
Gainers didn’t make much headway, but in real-estate, Colliers International Group took on 26 cents to $106.62.
In financials, Royal Bank inched up 15 cents to $101.70, while National Bank fought its way higher by 16 cents to $63.93.
On the economic front, the seasonally-adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index came in at 56.9 in July, falling only slightly from June’s survey record high of 57.1 and remained indicative of a strong improvement in overall business conditions.
ON BAYSTREET
The TSX Venture Exchange tumbled 5.88 points to 701.03
All but three of the 12 subgroups finished in the red, with health-care down 1.7%, materials down 1.5%, and information technology sinking 1.3%.
The three gainers were real-estate and financial, each up 0.1%, while telecoms were 0.01% to the good.
ON WALLSTREET
Stocks slipped on Wednesday as renewed trade concerns offset strong gains in tech. Investors also digested the Federal Reserve's latest decision on monetary policy.
The Dow Jones Industrials let go of 81.37 points to 25,333.82, with big exporters Caterpillar and 3M lagging.
The S&P 500 went south 2.93 points to 2,813.96, as industrials dropped more than 1%.
The NASDAQ strengthened 35.5 points to 7,707.29, on the back of strong gains from Apple.
Apple jumped more than 5%, on reporting earnings and revenue for the previous quarter that topped analyst expectations.
Apple's gains gave the broader tech sector a much-needed boost after disappointing quarterly numbers from Facebook and Twitter sent it down sharply. Since July 26, tech has dropped 5.1% through Tuesday's close. The sector rose 1% on Wednesday.
Wall Street also digested strong employment data from ADP and Moody's Analytics. The two companies said the private payrolls in the U.S. grew by 219,000 in July, more than the 185,000 gain forecast by analysts.
July's job gains were the best since February, when 241,000 jobs were added. The report from ADP and Moody's comes ahead of the U.S. government's monthly non-farm payrolls report, which is scheduled for release Friday at 8:30 a.m. ET.
The Federal Reserve concluded a two-day meeting on monetary policy on Wednesday in which it left interest rates unchanged. The decision was widely expected, but the central bank upgraded its view on the economy, calling it "strong."
Media reports circulated Wednesday that the Trump administration was looking at the possibility of slapping a 25% tariff on $200 billion worth of imported Chinese goods — after initially setting them at 10%.
Prices for the benchmark for the 10-year U.S. Treasury dived, raising yields to 3% from Tuesday’s 2.96%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.22 to $67.54 U.S. a barrel.
Gold prices slid $5.40 to $1,228.20 U.S. an ounce.
