The Toronto stock market was slightly lower Wednesday amid strong U.S. retail sales and ahead of more information that may provide hints about when the Federal Reserve will start to wind up its monetary stimulus.
The S&P/TSX composite index dipped 7.96 points to greet noon at 13,434.81
The Canadian dollar gained 0.20 cents to 95.72 cents U.S.
The energy sector led gainers, as stockpile figures for last week are expected to show declines of 500,000 barrels in crude oil stocks and 150,000 barrels in gasoline stocks.
If confirmed, the fall in crude oil supplies would be the first in nearly two months and indicate a pickup in demand. Canadian Natural Resources gained 25 cents to $34.09.
The tech sector was positive with CGI Group ahead 49 cents to $39.88.
Mining stocks were ahead with December copper up one cent at $3.17 U.S. a pound.
The gold sector lost ground as Goldcorp faded 36 cents to $24.95.
On the economic calendar, Statistics Canada says wholesale sales hiked 0.2% to $49.8 billion in September, in contrast to a 0.3% hike projected by economists.
It was the third straight monthly improvement and sales increased in four of the seven subsectors, accounting for 45% of wholesale sales.
ON BAYSTREET
The TSX Venture Exchange subsided 2.37 points to 921.15
Eight of the 14 TSX subgroups were upward by noon hour. Energy stocks were up 0.6%, consumer staples, up 0.4% and health-care, gaining 0.3%.
The half-dozen laggards were weighed by gold, down 1.7%, materials, down 1%, and telecoms, off 0.4%.
ON WALLSTREET
Economic data and the U.S. Federal Reserve continue to dominate attention Wednesday as investors look for a reason to keep the stock market party going.
The Dow Jones Industrials moved up 23.47 points, to pause for lunch at 15,990.50
The S&P 500 index improved 3.79 points to 1,791.66. The NASDAQ moved ahead 16.94 points to 3,948.49.
Struggling retailer J.C. Penney reported a decline in quarterly revenue and same-store sales and a steepening loss compared to the year-ago quarter. But shares surged around 7%, due to brightening hope for the retailer, which said that same-store sales pulled out of the gutter in October.
Deere & Co. reported that quarterly net income easily topped forecasts, but worldwide sales in heavy equipment took a dive during the period. Shares rose in early trading.
Lowe's reported a double-digit gain in quarterly profit, which CEO Robert Niblock attributed to the strengthening market for home improvement. But shares dipped as results missed forecasts.
Rival Home Depot reported stronger results and guidance on Tuesday.
Yahoo shares continue to rise in trading following the news on Tuesday that the company is boosting its stock buyback by another $5 billion U.S.
Green Mountain Coffee Roasters is scheduled to report quarterly results in the afternoon.
The market is waiting for the release of the minutes from the Fed's most recent policy meeting later in the day.
Investors are looking for further evidence that the central bank will continue its stimulus program into 2014, extending the huge bond-buying spree that has supported the U.S. economic recovery and helped boost stock markets to record levels.
On the economic front, retail sales for the month of October rose more than expected. Consumer prices were relatively flat for the month, a sign that inflation remains tame.
There was some not so encouraging news about housing, though. The U.S. National Association of Realtors reported that existing home sales in October fell more than economists were expecting.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 2.71%.
Oil prices gained 47 cents to $93.81 U.S. a barrel.
Gold prices slumped $11.80 to $1,261.70 U.S. an ounce.
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