Canada's main stock index opened lower on Wednesday, dragged down ?by materials ?shares as prices of precious ?metals including ?gold and silver slipped, ?while ?investors eyed ?Middle ?East ?peace prospects.
The TSX slumped 286.09 points to open mid-week Wednesday at 36,049.52
The Canadian dollar sank 0.13 cents to 70.96 cents.
U.S. President Donald Trump said ?talks with Iran in New York had made progress, but then ?threatened to "annihilate" the country if a deal was not ?reached.
Among single stocks, CIBC downgraded its rating on silver miner Endeavour Silver to "neutral" from "outperformer".
On the economic slate, Statistics Canada says its new housing price fell 0.1% month over month in August, matching the decline recorded in July.
ON BAYSTREET
The TSX Venture Exchange skidded 17.58 points, or 1.9%, to close at 922.22.
All but three of the 12 subgroups were lower, gold down 4.6%, materials sliding 4.2%, and consumer discretionary stocks off 1.4%.
The three gainers proved to be energy, bustling 1.1%, health-care, better by 0.9%, and information technology, ahead 0.3%.
ON WALLSTREET
U.S. equities fell on Wednesday as Treasury yields marched higher amid concerns among investors that more interest rate hikes from the Federal Reserve may be coming down the pike.
The Dow Jones Industrials caved 114.04 points to 51,749.65
The S&P 500 index lost 33.52 points to 7,731.12.
The NASDAQ Composite dropped 214.19 points to 27,030.09.
In Tuesday’s session, the NASDAQ hit a new all-time intraday high and closed at a record, while the Dow finished lower. The S&P 500 was roughly flat, though the index is about 0.8% off from its all-time high.
Declines in utilities, consumer discretionary and communication services stocks led the broader market’s fall, with the three sectors shedding more than 1% each. Materials was another lagging group, pulling back nearly 1%.
Odds that the Fed would hike rates by a quarter percentage point in October stood above 60% on Wednesday. That’s up from 55.4% a day ago and just 8.8% one month ago.
Earlier Tuesday in his address to the U.N., Trump said he has a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.
Prices for the 10-year Treasury tumbled sharply, raising yields to 5.05% from Tuesday’s 4.95%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.35 to $91.87 U.S. a barrel.
Gold prices flopped $54.70 to $4,321.70 U.S. an ounce.
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