Equities in Toronto took some bruises on Wednesday as declines in mining and other sectors outweighed gains in energy stocks, while investors assessed softer-than-expected U.S. inflation data.
The TSX dumped 224.4 points to close Wednesday at 35,235.87
The Canadian dollar lost 0.19 cents to 70.27 cents.
The benchmark index was set to snap ?a five-month winning ?streak following a turbulent September marked by rising global bond yields, a Fed rate hike and escalating ?Canada-U.S. trade tensions
Still, the index was on track to post a ninth straight quarterly gain, its longest such streak on record.
Prime Minister Mark Carney said Canada will hold Cleveland-Cliffs accountable for its commitments ?after the steelmaker announced plans to idle production at an Ontario facility, putting hundreds of jobs at risk.
The health-care sector ?was a main decliner, ?with Curaleaf Holdings falling 76 cents or 4.9%, to $14.62. Extendicare slipped 79 cents, or 2.6%, to $29.81.
In the materials sector, Stella-Jones shed $2.28, or 3.3%, to $67.45, while First Quantum Minerals slumped $6.89, or 15.3%, to $38.23, after Panama's government recommended an orderly closure of the mining company's Cobre Panama mine.
In gold stocks, Montage Gold let go of 57 cents, or 2.9%, to $18.99, while Americas Gold & Silver backpedaled 15 cents, or 2.4%, to $6.24.
Energy stocks, however, drove things upward, with Tourmaline Oil capturing $1.09, or 1.8%, to $60.90, Birchcliff Energy grabbed 11 cents, or 1.8%, to $6.20.
In telecoms, TELUS climbed 38 cents, or 1.8%, to $11.95, while Cogeco Communications lifted itself up 95 cents, or 1.9%, to $52.20.
In techs, BlackBerry moved higher 50 cents, or 4.1%, to $12.84, while Descartes Group jumped $2.53, or 2.3%, to $115.12.
ON BAYSTREET
The TSX Venture Exchange slid 5.43 points, to 881.93.
Seven of the 12 subgroups were lower, with materials sinking 1.3%, gold, off 1.1%, and health-care dipping 0.8%.
The five gainers were led by telecoms, ahead 1.9%, energy, ahead 1%, and information technology, growing 0.7%.
ON WALLSTREET
The S&P 500 gave up gains on Wednesday, the final day of September, after new U.S. economic data showed inflation slowed last month, sending Treasury yields lower.
The Dow Jones Industrials slid 441.13 points to 50.908.79
The much-broader index went lower 18.81 points to 7,652.03.
The NASDAQ Composite held onto gains of 63.52 points to 26,861.06.
Strong private sector data offset the light inflation data with ADP saying 90,000 jobs were added in September, much better than the 68,000 consensus estimate from economists.
Micron led tech shares higher in early trading, up 1% before its results after the bell. Nvidia and Alphabet were also in the green.
Wednesday marks the last day of September and the third quarter. Market performance has been mixed in both timeframes.
The personal consumption expenditures price index for August increased at a 3.4% annual rate, down from 3.7% the month prior.
Economists surveyed by Dow Jones had been looking for inflation to remain steady at 3.7%.
Even more encouraging was core PCE, excluding food and energy, which rose 3% year on year, down from 3.3% the month before, also lower than economists had forecast.
Odds of a Fed rate hike eased on Wednesday. Figures released Wednesday show traders are pricing in a 35% chance of a quarter-point rate hike next month. That’s down 51% a day ago. Traders are still expecting another hike in December despite the light inflation data Wednesday.
The 10-year Treasury yield retreated from its highest since 2007 following the slowing inflation data and was last at 5.23%. The 30-year
Treasury yield fell from levels not seen since June 2002.
Higher yields have pressured stocks all month with the S&P 500 in the red for September by 0.2% through Tuesday.
Prices for the 10-year Treasury lost some ground, putting yields up to 5.29% from Tuesday’s 5.25%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.16 to $90.54 U.S. a barrel.
Gold prices jumped $3.60 to $4,183.30 U.S. an ounce.
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