Stocks stagger at open

Nutrien, TMAC in focus

Canada's main stock index fell at the open on Wednesday, dropping to its lowest in nearly two months, hurt by losses in financial and energy shares.

The S&P/TSX Composite Index withered 152.87 points to begin Wednesday at 16,177.80

The Canadian dollar folded half a cent to 76.12 cents U.S.

Constellation Brands said it would invest $4 billion more in Canopy Growth Corp, raising its stake in the Canadian marijuana producer to 38%.

Canopy Growth sprinted $9.78, or 30.4%, to $41.93.

Air France-KLM's board is likely to appoint Air Canada's chief operating officer Benjamin Smith as its new boss on Thursday, according to French media reports. Air Canada shares weakened 14 cents to $23.36.

Canaccord Genuity raised the target price on Superior Plus Corp. to $13.75 from $13.50. Superior shares gained three cents to $13.20.

Bernstein cut the target price on Nutrien Ltd. to $88.86 from $89.52. Nutrien shares sank $1.09, or 1.5%, to $72.59.

CIBC cut the target price on TMAC Resources to $8.50 from $10.50. TMAC deducted seven cents, or 1.3%, to $5.18.

On the economic calendar, re-sales of Canadian homes rose 1.9% in July from June, notching the third straight monthly rise but remaining below the highs seen in recent years, the Canadian Real Estate Association said on Wednesday.

The industry group said actual sales, not seasonally adjusted, fell 1.3 percent, while the group’s Home Price Index was up 2.1 percent from July 2017.

ON BAYSTREET

The TSX Venture Exchange eked up 2.4 points to begin Wednesday at 676.19

All but one of the 12 subgroups were negative in the first hour, with gold dulling 3.2%, materials weakening 2.7%, and energy feeling 2.2% less energetic.

The lone standout was health-care, leaping 13%.

ON WALLSTREET

U.S. stocks fell on Wednesday as lingering concerns over Turkey's financial crisis weighed on investor sentiment. Declines in tech shares and banks also pressured the broader indexes.

The Dow Jones Industrial Average collapsed 274.71 points, or 1.1%, to 25,025.21

The S&P 500 slouched 31.16 points, or 1.1%, to 2,808.80

The NASDAQ slumped 110.29 points, or 1.4%, to 7,759.25

Bank shares fell broadly as Bank of America and Citigroup both dropped more than 1.5%. J.P. Morgan Chase also fell 1%. The tech sector also dropped more than 1%.

Tech shares contributed to the decline as Facebook, Apple, Netflix and Alphabet all traded lower. The move down in tech comes after China's Tencent reported its slowest revenue growth rate since 2015. U.S.-listed shares of the Chinese internet giant dropped about 10%.

Earnings season continued on Wednesday as Macy's reported a better-than-expected quarterly profit and sales. The company's stock fell more than 11%, however.

Retail sales in the U.S. rose more than expected last month, gaining 0.5% in July versus economists’ estimates of 0.1%. The U.S. Commerce Department's report also showed a year-over-year increase of 6.4%.

A Turkish regulator said Wednesday it was limiting banks' currency swap transactions. The move is likely aimed at curbing short selling against the lira, which has recently taken a beating.

The Turkish lira fell to a record low earlier this week as global investors fear Turkey's economic troubles could spell trouble for other economies around the world. Last month, Turkey's inflation rate hit 16%, well above the central bank's 5% target.

Prices for the benchmark for the 10-year U.S. Treasury spiked, dropping yields to 2.85% from Tuesday’s 2.9%. Treasury prices and yields move in opposite directions.

Oil prices stumbled $1.14 at $65.90 U.S. a barrel.

Gold prices slid $11.90 to $1,188.80 U.S. an ounce.