Equities in Canada’s largest centre followed their American brethren and proceeded downward Wednesday, on cues from the U.S. Federal Reserve that it may soon be harder to borrow.
The TSX/S&P Composite fumbled 61.48 points to wind up Wednesday at 20,302.11
The Canadian dollar retreated 0.04 cents to 79.06 cents U.S.
Gold sat heaviest of the bunch among subgroups losing ground, as Centerra Gold ducked back 24 cents, or 2.7%, to $8.83, while Novagold handed back 25 cents, or 2.8%, to $8.85.
In other resources, Framco-Nevada lost $6.34, or 3.3%, to $185.89, while First Quantum Minerals slid 93 cents, or 3.7%, to $24.39.
Energy took its lumps, to, with Arc Resources flopping 26 cents, or 3.2%, to $7.89, while Crescent Point Energy docked 13 cents, or 3.2%, to $3.98.
Health-care stocks tried to raise the average a mite, with Trillium Pharmaceuticals gaining 24 cents, or 3.1%, to $8.12, while Trilray hiked 40 cents, or 2.4%, to $16.93.
Also making waves were tech stocks, particularly BlackBerry, charging ahead 58 cents, or 4.7%, to $12.81, while Lightspeed POS tacked on $3.30, or 2.9%, to $18.32.
In the consumer discretionary field, Canada Goose Holdings took flight $2.72, or 6.2%, to$46.97, while Sleep Country Holdings added 71 cents, or 2.1%, to $34.00.
Canada plans to resume military flights to Afghanistan to evacuate civilians as the United States regains control of the Kabul airport, the Canadian Armed Forces said late on Tuesday.
On the economic slate, Statistics Canada’s Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% gain in June. On a seasonally adjusted monthly basis, the CPI rose 0.5% in July.
ON BAYSTREET
The TSX Venture Exchange regained 3.95 points to 878.05
Eight of the 12 TSX subgroups sank by the closing bell, with gold fading 2.6%, while energy and materials each lost 1.7%.
The four gainers were led by health-care, stronger by 1.5%, while information technology prospered 0.6%, and consumer discretionary stocks made 0.3% worth of headway.
ON WALLSTREET
Major U.S. stock indexes slipped for a second day Wednesday as investors digested the latest Federal Reserve meeting minutes for insights into tapering plans.
The Dow Jones Industrials plummeted 382.59 points, or 1.1%, to 34.960.69
The S&P 500 let go of 47.86 points, or 1.1%, to 4,400.27.
The NASDAQ tumbled 130.27 points to 14,525.91.
The Fed published its meeting minutes from its July gathering, revealing discussions about possibly dialing back its monthly bond buying program this year.
The minutes noted the economy had reached its goal on inflation and was "close to being satisfied" with the progress of job growth.
To be sure, the minutes also reflected some division within the Fed with some members preferring to wait until early 2022 to start tapering bond purchases.
Since that July meeting, there’s been growing support within the Fed to announce a tapering in September and begin it in October.
Investors also waded through more earnings reports from major retailers Wednesday.
Lowe’s shares popped nearly 10% after the home improvement company’s earnings last quarter topped expectations, with higher sales to home professionals.
Shares of T.J. Maxx-parent TJX also gained 5.6% after a better-than-expected quarterly earnings report.
Target shares pulled back 2.8% despite the retailer beating on second-quarter earnings. The company’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending.
Meanwhile, Pfizer shared gained and Moderna’s stock traded off its lows after the U.S. announced it will begin distributing COVID-19 booster shots next month. New data show vaccine protection wanes over time, top U.S. health officials said.
The booster shot announcement comes as the highly contagious delta variant spreads, weighing on investor sentiment about the pace of economic reopening.
Elsewhere, housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.
Prices for 10-Year Treasurys gained back strength, lowering yields to Tuesday’s 1.27%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.69 to $64.90 U.S. a barrel.
Gold prices brightened 90 cents to $1,788.70 U.S. an ounce.
