Canada's main stock index opened lower on Wednesday, tracking a dip in Wall Street driven by a jump in U.S. consumer prices, with further losses limited by gains in mining shares.
The S&P/TSX Composite tumbled 41.21 points to open Wednesday at 21,553.31.
The Canadian dollar gained 0.29 cents at 80.70 cents U.S.
Alstom's shares soared on Wednesday after the French train maker reported a softer-than-expected cash hit as it integrates projects inherited as part of its deal with Bombardier, whose shares opened Wednesday lower by three cents, or 1.5%, to $2.02.
National Bank of Canada cut the price target on Agnico Eagle Mines to $82.00 from $83.00. Agnico Eagle shares soared $2.41, or 3.5%, to $71.47.
RBC raised the target price on Granite REIT to $110.00 from $96.00. Units of Granite REIT picked up 23 cents to $100.97.
ON BAYSTREET
The TSX Venture Exchange added 2.76 points to 1,000.39.
The 12 TSX subgroups were divided evenly, with gold brightening 3%, materials up 1.6%, and utilities nicking up 0.1%.
The half-dozen laggards were weighed most by health-care, down 1.1%, while industrials and energy each faded 0.7%.
ON WALLSTREET
U.S. stock dipped as inflation fears grew after October’s consumer price reading jumped at the hottest annual pace in more than three decades.
The Dow Jones Industrials dropped 54.99 points, to start the mid-week session at 36,264.99
The S&P 500 stumbled 14.11 points to 4,671.14.
The NASDAQ Composite lost 113.12 points to 15,773.43.
The consumer price index jumped 6.2% from a year ago, well above the 5.9% estimate from economists polled by Dow Jones and the largest annual increase since 1990. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate. The CPI is a basket of products ranging from gasoline and health care to groceries and rents.
Technology stocks moved lower. Nvidia fell about 5%, Facebook-parent Meta dipped roughly 2%. The selloff in Tesla continued as the electric vehicle stock fell more than 2%, a day after ending nearly 12% lower.
Earnings season continues to be strong, with most of the S&P 500 companies who have already reported earnings beating estimates, according to FactSet. Disney, Affirm, Bumble and The Honest Company are all scheduled to report Wednesday after the bell.
Prices for 10-year Treasurys slumped, raising yields to 1.49% from Tuesday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices inched forward seven cents to $84.22 U.S. a barrel.
Gold prices gained $32.60 to $1,863.40 U.S. an ounce.
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