Markets in Toronto dropped on Wednesday as worries that U.S. interest rates might rise weighed on sentiment and lower oil prices dragged down shares of energy companies.
The S&P/TSX composite index slipped 64.92 points to end Wednesday at 15,486.52
The Canadian dollar regained 0.36 cents to 91.41 cents U.S.
Gold stocks were the biggest weight on the market, as Barrick Gold stepped back 20 cents to $18.32, while Goldcorp retreated in price 32 cents to $27.61
Metals stocks were also hard hit, with Teck Resources fell 55 cents to $23.42
Shares of energy producers dropped, with Suncor Energy losing 49 cents to $43.18, and Canadian Natural Resources shedding 19 cents to $44.68.
The industrial sector declined as Canadian Pacific Railway fell $2.65 to $223.59, and Canadian National Railway slipped 79 cents to $79.98.
ON BAYSTREET
The TSX Venture Exchange fell 4.69 points to 984.
All but two of the 14 Toronto subgroups were lower on the day, as gold shed 2.3%, while materials slid 1.1%, and metals and mining docked 1%.
The lone gainer was in financials, up 0.1%, while information technology issues were unchanged.
ON WALLSTREET
U.S. stocks reversed early morning losses and moved ahead Wednesday, led by gains in the tech and health-care sectors.
The Dow Jones Industrials gained 54.84 points to 17,068.71
The S&P 500 inches up 7.25 points to 1,995.69. The NASDAQ hiked 34.23 points to 4,586.52
Prices increases were tepid, however, as investors fretted about the timing and pace of interest-rate hikes from the Federal Reserve amid rising Treasury yields.
Apple Inc. unveiled the highly anticipated iPhone 6, iPhone 6 Plus and Apple Watch plus a mobile payments system on Tuesday. Goldman Sachs called the launch "impressive" and lifted its target for the stock price.
While Apple is basking in the sun, some are being shunned because of Apple’s decisions: GT Advanced Technologies Inc. shares slid 14% after Apple said it won’t move toward broad use of sapphire cover screens, which GT provides.
eBay Inc. shares slid 3.2% as Analysts suggest it will face greater competition for its PayPal mobile payment service following the announcement of Apple Pay.
Land’s End Inc. shares rallied 12% after the clothing retailer posted better-than-expected sales and profit in its fiscal second quarter.
Krispy Kreme Doughnuts skidded 4.6% after the doughnut chain posted stronger sales, but adjusted profit missed forecasts.
Prices for 10-year U.S. Treasuries lagged, raising yields to 2.53% from Tuesday’s 2.50%. Treasury prices and yields move in opposite directions.
Oil prices were down 85 cents to $91.90 U.S. a barrel.
Gold prices gained $2.20 to $1,250.70 U.S. an ounce.
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