Canada's main stock index plunged lower toward noon on Wednesday, as a sharp decline in energy companies, hurt by falling oil prices, offset a broad rally in most other sectors.
The S&P/TSX Composite Index slumped 83.02 points to greet the last noon hour of May at 15,289.33
The Canadian dollar slumped 0.19 cents at 74.04 cents U.S.
Energy took the biggest knocks of the morning, as Crescent Point Energy dropped 38 cents, or 3.2%, to $11.51, while Cenovus Energy handed back 37 cents, or 3%, to $12.05.
Materials stocks also got bruised, as Teck Resources forfeited $1.32, or 5.2%, to $23.99, while Hudbay Minerals lost 35 cents, or nearly 5%, to $6.72.
Financials also ended the morning negative, as Manulife Financial doffed 28 cents, or 1.2%, to $23.20, while Bank of Montreal dipped 57 cents to $90.42.
Consumer staples provided one of the few bright spots, as Metro Inc. gained 17 cents to $45.13, while Restaurant Brands International tacked on 25 cents to $83.94.
On the economic calendar, Statistics Canada reported Canada’s GDP hiked 0.5% in March, following no change in February. Growth was widespread across goods and service-producing industries.
ON BAYSTREET
The TSX Venture Exchange moved lower 5.12 points to 799.84
All but two of the 12 TSX subgroups were negative by midday, as energy swooned 1.5%, materials were down 1.2%, and financials plunged 0.6%.
The two gainers were consumer staples, up 0.7%, and information technology, inching up 0.1%.
ON WALLSTREET
U.S. equities fell on Wednesday, the last trading day of May, as a drop in the financials sector pressured stocks.
The Dow Jones Industrials came off its lows of the morning, but remained negative 28.11 points to 21,001.36, Goldman Sachs providing the biggest weight
The S&P 500 dropped 4.67 points to 2,408.24, with financials falling 1% to lead decliners.
The NASDAQ was still in the red 14.51 points to 6,188.68, but was up on the month 2.6% entering the session and was on track to record a seven-month winning streak, its longest since 2013.
The Dow and S&P were also on track to post monthly gains.
Companies in the utility sector sell essentials such as electricity and water, and are typically seen as safer investments. Entering Wednesday's session, utilities had risen 9.6% year to date. Those gains, however, pale in comparison to tech's performance in 2017, rising 20%.
In economic news, weekly mortgage applications fell 3.4% last week. Other data set for release Wednesday include pending home sales and the Federal Reserve's Beige Book.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Wednesday’s 2.21%.
Oil prices sank $1.17 to $48.49 U.S. a barrel
Gold prices stayed afloat $3.20 at $1,268.90 U.S. an ounce.
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