Stocks Take Pasting at Closing Bell

Energy Losses Override Gold Gains

Equities in Canada’s largest centre fell back Wednesday, with losses in the energy and financial fields preying on the markets.

The S&P/TSX Composite Index lost 83.27 points to end Wednesday at 16,586.13

The Canadian dollar docked 0.32 cents at 74.14 cents U.S.

Among gold issues, Barrick Gold gained eight cents to $17.29, while Kinross Gold picked up 11 cents, or 2.6%, to $4.36.

In the health-care sector, Aurora Cannabis advanced 10 cents to $12.27, while Canopy Growth climbed $1.71, or 2.7%, to $65.27.

Industrials strengthened, too, as Canadian Pacific Railway jumped $7.14, or 2.4%, to $302.14, while Bombardier added seven cents, or 2.5%, to $2.91.

Energy stocks took a pasting, as Imperial Oil docked 53 cents, or 1.3%, to $39.88, while Vermilion Energy backtracked 79 cents, or 2.5%, to $35.87.

Financials also headed south, as Bank of Montreal lost 24 cents to $105.39, while Royal Bank ditched $2.34, or 2.2%, to $105.51.

In consumer staples, Saputo fell 35 cents to $45.28, while Metro surrendered 65 cents, or 1.3%, to $48.82.

On the economic ledger, the Bank of Canada did as expected and left rates alone. The central bank maintained its target for the overnight rate at 1.75%. The Bank Rate is correspondingly 2% and the deposit rate is 1.5%

ON BAYSTREET

The TSX Venture Exchange dropped 0.02 points to 608.46

Still, seven of the 12 Toronto subgroups finished positive, with gold shining 1.4% brighter, health-care climbing 1%, and industrials, up 0.6%.

The five laggards were weighed most by energy, losing 2.2%, financials, off 0.8%, and consumer staples, declining 0.7%.

ON WALLSTREET

Stocks slipped from record levels on Wednesday as Wall Street digested a mixed batch of corporate earnings.

The Dow Jones Industrial Average lost 56.76 points to 26,599.63

The S&P 500 slid 6.43 points to 2,927.25, as the energy and communication sectors underperformed.

The NASDAQ Composite docked 18.81 from Tuesday’s record close, to 8,102.02

Caterpillar shares fell 3% despite the company posting better-than-expected quarterly earnings. The industrial giant’s CFO warned of a possible slowdown in its China business, overshadowing Caterpillar’s strong report.

AT&T, meanwhile, fell more than 4% after posting first-quarter revenue numbers that disappointed investors. The company’s revenue was dragged down by weak sales in its WarnerMedia division.

Domino’s Pizza, meanwhile, rose 4.9% on stronger-than-forecast quarterly results. Shares of eBay also gained 5% on earnings that topped expectations.

Facebook and Microsoft were among the companies set to report later on Wednesday, while Amazon is scheduled to release its results on Thursday.

Nearly 130 S&P 500 companies have reported calendar first-quarter earnings so far. Of those companies, 78% have reported better-than-forecast profits

Prices for the benchmark 10-year U.S. Treasury sprang upward, lowering yields to 2.52% from Tuesday’s 2.57%. Treasury prices and yields move in opposite directions.

Oil prices slid 56 cents to $65.74 U.S. a barrel.

Gold prices gained $4.80 to $1,278.00 U.S. an ounce.