Stock investors in Canada’s largest centre were in suspense over the outcome of today’s U.S. Federal Open Market Committee meeting, and earlier excitement over certain sectors cooled.
The S&P/TSX composite index greeted noon down 2.64 points to 14,750.41
The Canadian dollar was down 0.16 cents to 81.21 cents U.S.
Metals stocks were particularly hard hit, with Taseko Mines easing two cents, or 2.6%, to 75 cents, and Turquoise Hill Resources falling 11 cents, or 2.2%, to $4.87.
Gold stocks were also rocked, as B2Gold slumped five cents, or 2.5%, to $1.92, and New Gold tumbled eight cents, or 2.2%, to $3.62.
Industrials tried to balance things out, as Black Diamond Group shot higher 74 cents, or 4.4%, to $17.46.
On the economic ledger, Statistics Canada reported that wholesale sales rose 1.9% to $55.2 billion in April, a second consecutive increase. The agency says sales were up in four of seven sub-sectors, led by the motor vehicle and parts sub-sector. Excluding this sub-sector, wholesale sales increased 0.4%.
ON BAYSTREET
The TSX Venture Exchange moved up 1.63 points to 680.38.
All but three of the 14 Toronto subgroups were negative midday, as global base metals trailed yesterday’s close by 1%, metals and mining fell 0.8%, and gold lost 0.6%.
The two gainers were industrials, up 0.2%, and health-care, up 0.03%, while energy stocks were static by noon.
ON WALLSTREET
U.S. stocks traded in a narrow range on Wednesday as investors looked ahead to the afternoon's Federal Reserve statement and press conference.
The Dow Jones Industrials dipped 1.72 points to 17,902.76, with American Express leading advancers and Verizon the greatest decliner.
The S&P 500 index gained 0.95 points to 2,097.24, with utilities leading four sectors higher and energy leading laggards.
The NASDAQ moved higher 4.80 points to 5,060.35
FedEx fell more than 2.5% to weigh on the Dow transports after the company missed earnings and revenue expectations on Wednesday.
Financials reversed after initially gaining, with Capital One Financial, SunTrust, KeyCorp, People's United Financial and Northern Trust touching multi-year highs.
Microsoft reversed to edge lower amid the company's announced changes to its executive team. The reshuffle includes the departure of Stephen Elop, executive vice president of Microsoft Devices Group and the former CEO of Nokia.
Starbucks hit an all-time high on news the firm will close all 23 of its La Boulange retail locations by the end of September.
Oracle is among a handful of companies reporting earnings after the close.
The Federal Open Market Committee concludes its two-day meeting in the afternoon. The statement is expected at 2:00 p.m. ET and Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m.
Most analysts do not expect major policy changes from the Federal Reserve announcement.
In the continuing Greece debt saga, the European Central Bank could make an announcement on Emergency Liquidity Assistance for the country when the institution leaders meet today.
Greek banks are reliant on this funding and analysts warn that if the central bank curbs this liquidity, Greece may have no option but to impose capital controls.
The cash-strapped nation is set to default on a 1.6-billion-euro ($1.8-billion U.S.) debt repayment to the International Monetary Fund on June 30 unless it receives fresh funding from its creditors, who insist Athens needs to make further reforms if it wants to unlock aid.
Prices for 10-year U.S. Treasuries faded, raising yields to 2.37% from Tuesday’s 2.31%. Treasury prices and yields move in opposite directions.
Oil prices slipped 35 cents a barrel to $59.62 U.S.
Gold prices dipped $5.60 at $1,175.30 U.S. an ounce.
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