Stocks in Toronto fell on Wednesday as a drop in crude oil prices weighed on energy stocks, while Rogers Communications Inc retreated after reporting fourth-quarter earnings that fell short of expectations.
The S&P/TSX composite index subsided 15.53 points to open Wednesday at 12,315.79
The Canadian dollar added 0.24 cents to 71.06 cents U.S.
Rogers, for its part, saw its stock drop $2.94, or 5.8%, to $47.93.
Canadian National Railway reported a better-than-expected fourth-quarter profit and raised its 2016 quarterly dividend by 20% as costs fell on lower fuel expenses. What’s more, Raymond James cut the target price on CN stock to $78.00 from $84.00
CN shares gained $1.32, or 1.9%, to $72.61.
Goldman Sachs raised the target price on Detour Gold to $18.00 from $17.00, with a buy rating. Detour shares dwindled 37 cents, or 2.2%, to $16.13.
NBF raised target price on Trican Well Service to $2.70 from $2.00 with an outperform rating. Trican shares moved up seven cents, or 5.1%, to $1.45.
ON BAYSTREET
The TSX Venture Exchange eked up 1.47 points to 491.07.
Nine of the 13 TSX subgroups were lower, with health-care off 2%, telecoms sinking 1.8%, and metals and mining slouching 1.5%.
The four gainers were led by information technology, up 0.8%, financials, prospering 0.5%, and industrials, up 0.4%.
ON WALLSTREET
U.S. stocks traded lower Tuesday as low oil prices and some disappointing quarterly reports weighed ahead of the U.S. Federal Reserve statement release.
The Dow Jones industrial average plummeted 176.27 points, or 1.1%, to open at 15,990.96, with Boeing the greatest decliner and American Express the top advancer.
The S&P 500 dumped 7.69 points to 1,895.94, with information technology leading five sectors lower and consumer staples leading gainers.
The NASDAQ index lost 62.16 points, or 1.4%, to 4,505.51, as Apple declined
Both Apple and Boeing moved sharply lower to send the Dow Jones industrial average more than 150 points lower in morning trade. In morning trade, the two stocks accounted for more than 110 points off the Dow.
Boeing fell more than 9.5% in morning trade. The firm's full-year guidance was below expectations, although the jet maker reported earnings that beat on both the top and bottom line.
Shares of Apple fell about 5% in morning trade after the iPhone maker reported fewer-than-expected unit sales of its flagship product, for the lowest growth in shipments since the iPhone was launched in 2007. Sources say Apple also forecast its first revenue drop in 13 years, citing some softness in the critical Chinese market.
In economic news, new home sales jumped to a seasonally-adjusted annual rate of 544,000 from an upwardly revised November figure of 491,000.
The Federal Open Market Committee is scheduled to release its meeting statement at 2 p.m. ET as it concludes its two-day meeting.
Analysts don't expect the central bank to move on rates, but will scrutinize the statement for signs of how much the Fed is watching recent global market activity and indications on the future path of tightening.
Prices for the 10-year Treasury gave back ground, raising yields to 2.02% from Tuesday’s 2%. Treasury prices and yields move in opposite directions.
Oil prices dropped 29 cents a barrel to $31.16 U.S.
Gold prices eased $3.69 to $1,116.22 U.S. an ounce.
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