Equities in Canada’s largest market opened lower on Wednesday, as energy stocks fell after crude prices dropped amid concerns of falling demand.
The TSX dropped 10.23 points to open Wednesday at 16,615.83.
The Canadian dollar gained 0.10 cents to 76.09 cents U.S.
RBC raised the price target on West Fraser Timber to $85 from $77. West Fraser climbed $3.49, or 4.9%, to $74.19.
Piper Sandler cut the price target on Bausch Health Companies to $26 from $32. Bausch shares dwindled 44 cents, or 1.9%, to $22.38.
Eight Capital raised the target price on K-Bro Linen to $33.00 from $28.00. K-Bro shares lost a dime to $33.68.
In the economic docket, Statistics Canada reported June’s wholesale sales jumped 18.5% to $62.1 billion, building on a 5.8% gain in May.
The Consumer Price Index (CPI) rose 0.1% on a year-over-year basis in July, down from a 0.7% increase in June. On a seasonally adjusted monthly basis, the CPI fell 0.1% in July, following a 1.0% increase in June.
The appointment of a journalist with little corporate experience to manage the finances of a G7 country would typically be seen as risky, but markets barely hiccupped on Tuesday after Chrystia Freeland was appointed Canada's finance minister.
ON BAYSTREET
The TSX Venture Exchange slumped 7.79 points to 743.21.
Eight of the 12 TSX subgroups lost ground in the first hour, with gold dulling 1.6%, materials weakening 1%, and consumer discretionaries lopping off 0.3%.
The four gainers were led by financials, up 0.5%, industrials, ahead 0.4%, and utilities, nosing forward 0.3%.
ON WALLSTREET
Stocks rose slightly on Wednesday, with the S&P 500 notching a fresh record, as strong quarterly results from Target lifted the broader retail sector.
The Dow Jones Industrials regained 109.17 points to 27,887.24.
The S&P 500 added 3.35 points to Tuesday’s all-time high, climbing to 3,393.13.
The NASDAQ lost 1.53 points from Tuesday’s all-time high to 11,209.31.
Target shares jumped 10.2% after the retailer reported soaring profit and sales last quarter. Digital sales increased by 197% from a year ago. The gains in Target led other retail stocks higher. Macy’s, Nordstrom and Big Lots were all up more than 1%. The SPDR S&P Retail ETF (XRT) climbed 0.4%.
Lowe’s shares gained 0.6% after the home improvement retailer reported a 30% surge in second-quarter revenue.
Coronavirus cases in the U.S. are trending lower, but officials are cautious as students begin returning to school and college campuses. Some colleges have been forced to change to all online learning because of outbreaks.
Closely watched chip stock Nvidia reports quarterly results after the market close on Wednesday.
Investors are still hoping for a second coronavirus stimulus bill from Washington. The Federal Open Market Committee will publish its meeting minutes from its July meeting on Wednesday at 2 p.m. ET.
Prices for the 10-Year Treasury gained slightly, lowering yields to 0.65% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions
Oil prices dropped 48 cents at $42.41 U.S. a barrel.
Gold prices ditched $17.80 to $1,995.30 U.S. an ounce.
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