Equities in Canada’s largest centre fell on Wednesday, tracking a dip in Wall Street following a surge in U.S. consumer prices, with gains in miners cushioning the declines to some extent.
The S&P/TSX Composite remained lower 32.94 points to pause for lunch Wednesday at 21,561.58.
The Canadian dollar settled 0.5 cents at 80.35 cents U.S.
Boyd Group Services, down $20.26, or 8.4%, was the largest percentage decliner on the index after the company reported third-quarter adjusted profits below estimates. The stock entered noon hour at $221.31.
ON BAYSTREET
The TSX Venture Exchange inched up 1.84 points to 999.47.
Seven of the 12 TSX subgroups were lower midday, with energy slumping 1.7%, information technology falling 1.3%, and real-estate off 1.1%.
The five gainers were led by gold, up 3.2%, materials, stronger by 1.6%, and consumer discretionary stocks, up 0.6%.
ON WALLSTREET
Stocks were mostly flat Wednesday with the major averages well within striking distance of records as investors shrugged off the latest consumer price reading showing the biggest jump in inflation in more than 30 years.
The Dow Jones Industrials stayed in the red 40.11 points, to move into noon hour at 36,279.87. Investors appeared to make the bet that inflation would eventually ease somewhat. American Express led the Dow as rates jumped. Technology shares remained weak, weighing down the market.
The S&P 500 stumbled 9.21 points to 4,676.04.
The NASDAQ Composite lost 85.92 points to 15,800.62.
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. Advanced Micro Devices pulled back more than 3%, Google-parent Alphabet and Nvidia each dipped more than 1%.
Tesla, the leader of the bull market whose shares have come under pressure recently, added more than 4% to cut losses for the week to 12%.
The stock was the top gainers on the S&P 500 on Wednesday. Electric vehicle makers are in focus Wednesday with Amazon-backed EV startup Rivian set to go public.
Disney, Affirm, Bumble and The Honest Company are all scheduled to report earnings Wednesday after the bell.
Prices for 10-year Treasurys slumped, raising yields to 1.53% from Tuesday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.80 to $82.35 U.S. a barrel.
Gold prices gained $26.10 to $1,856.90 U.S. an ounce.
Related Stories
