Equities in Canada’s main stock index were muted at the open on Wednesday as losses in financial shares capped gains in energy stocks, while investors awaited minutes from the Bank of Canada's January policy meeting.
The TSX enjoyed gains of only 42.33 points to kick off the midweek session at 20,767.33.
The Canadian dollar dropped 0.14 cents at 74.53 cents U.S.
Intact Financial Corporation reported a decline in fourth-quarter profits on a yearly basis. Intact shares declined $6.66, or 3.4%, to $190.99.
Credit Suisse downgraded pipeline operator Enbridge Inc to "underperform" from "neutral". Enbridge gave up 72 cents, or 1.3%, to $53.91.
The central bank will be releasing minutes from its January policy meeting, where it raised interest rates by 25 basis points, for the first time in the bank's history, at 1:30 p.m. ET. The move comes after a transparency review by the International Monetary Fund.
Investors will also weigh BoC Governor Tiff Macklem's speech from Tuesday, where he said that no further interest rate hikes will be needed if the economy stalls and inflation comes down as expected.
ON BAYSTREET
The TSX Venture Exchange gained 4.22 points to 625.36.
Eight of the 12 subgroups gained strength, with energy ahead 0.7%, while industrials and information technology each up 0.5%.
The four laggards were weighed most by gold, down 0.7%, materials, lower by 0.5%, and health-care, sliding 0.4%.
ON WALLSTREET
U.S. stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves.
The Dow Jones Industrials surrendered 75.15 points at 34,081.54.
The S&P 500 fell 17 points to 4,147.
The NASDAQ Composite skidded 71.13 points to 12,042.66.
Chipotle slid more than 4% after missing expectations on the top and bottom lines in its latest results. Meanwhile, CVS collected more than 2% and Uber gained 6%, following earnings that came in above Wall Street estimates.
Investors are looking to post-bell earnings from companies including Walt Disney and Robinhood for more insights into how corporate America has handled recent interest rate hikes.
Stocks closed near session highs after a volatile bout of trading on Tuesday, driven mainly by Fed Chair Jerome Powell’s remarks that inflation has started easing. His comments reiterated those given at his press conference last week, further bolstering investor hopes that the central bank will soon pause or pivot on interest rate hikes.
Prices for the 10-year Treasury were static, keeping yields at Tuesday’s 3.69%.
Oil prices advanced 82 cents to $77.96 U.S. a barrel.
Gold prices were static to $1,884.80 U.S. an ounce.
