Stocks in Canada’s largest centre was muted at the open on Wednesday, with gains in consumer staples offsetting losses in industrials, while markets awaited Federal Reserve Chair Jerome Powell's remarks to gauge the monetary policy outlook.
The TSX gained 39.16 points to kick off Wednesday at 19,772.25.
The Canadian dollar dipped 0.32 cents to 75.43 cents U.S.
Alimentation Couche-Tard reported better-than-expected fourth-quarter earnings. Shares in the convenience store owner gained $2.14, or 3.3%, to $67.49.
Postmedia Network Canada confirmed it was in a non-binding discussion with Nordstar Capital for a potential merger with some operational assets of the Toronto Star and the Metroland newspapers. Postmedia shares surged 17 cents, or 8.9%, to $2.08.
Barclays initiated coverage on exchange operator TMX Group with an "equal-weight" rating. Shares in the company which owns the Toronto Stock Exchange eked up a penny to $28.86.
ON BAYSTREET
The TSX Venture Exchange gained 0.47 points to 608.38.
Seven of the 12 TSX subgroups were in the green, with information technology surging 1.2%, while health-care and consumer staples each grabbed 0.8%.
The five laggards were weighed most by gold, down 0.4%, while energy and utilities each slid 0.3%.
ON WALLSTREET
Stocks fell Wednesday as traders digested the latest commentary on the pace of future monetary policy from Federal Reserve Chair Jerome Powell, and chip names came under pressure.
The Dow Jones Industrials staggered 141.71 points to open Wednesday at 33,785.03.
The S&P 500 hesitated 9.57 points to 4,368.84.
The NASDAQ index bucked the trend and actually gained 10.56 points to 13,555.67.
Powell on Wednesday said there is more restriction coming, including the likelihood of more interest rate hikes at future meetings.
Chip stocks fell after The Wall Street Journal reported that the U.S. was considering new export restrictions to China. Nvidia shares lost 2%, while AMD fell more than 1%.
Investors are preparing to close out the best first half for the NASDAQ in 40 years, as they ride a wave of optimism around artificial intelligence that has significantly buoyed a handful of mega-cap tech stocks. The S&P 500 and NASDAQ Composite are higher this year by 14% and 29%.
Powell is speaking Wednesday morning before a policy panel at the European Central Bank Forum on Central Banking in Sintra, Portugal. Powell is joined by Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde and Bank of Japan Governor Kazuo Ueda.
Prices for the 10-year Treasury enjoyed slight gains, lowering yields to 3.75% from Tuesday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices lost two cents to $67.68 U.S. a barrel.
Gold prices subtracted $5.50 to $1,918.30 U.S. an ounce.
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