Stocks Trundle at Open

ADP Numbers Released in U.S.

Canada's main stock index opened lower on Wednesday as energy stocks tracked a retreat in oil prices, with sentiment dented further by worries around higher inflation.

The TSX Composite dumped 99.63 points to open Wednesday at 20,083.80.

The Canadian dollar sank 0.16 cents to 79.30 cents U.S.

Canaccord Genuity raised the price target on Dentalcorp Holdings to $20.00 from $19.00. Dentalcorp shares gained 30 cents, or 1.8%, to $16.95.

TD Securities raised the target price on GFL Environmental to $54.00 from $53.00. GFL shares docked four cents to $47.44.

CIBC raised the target price on Topaz Energy to $21.00 from $20.00. Topaz shares dipped 63 cents, or 3.6%, to $17.12.


The TSX Venture Exchange lost 3.96 points to 863.32

All but two of the 12 TSX subgroups were lower, as energy flailed 2.6%, health-care slipped 1.2%, and consumer discretionary lost 1%.

Gold gained 0.2%, while information technology inched up 0.1%, to withstand the negative tide.


Stocks declined on Wednesday as October continued its volatility amid concerns about rising rates, higher inflation, the state of the reopening and the debt limit.

The Dow Jones Industrials tumbled 454.51 points, or 1.3%, to 33,860.16, dragged down by a 3% loss in Dow Inc.

The S&P 500 fell 52.01 points, or 1.2%, to 4,293.71

The NASDAQ Composite plunged 165.5 points, or 1.2%, to 14,268.33.

So far in the three prior trading sessions of October, the Dow has gained 483 points, lost 324 points and on Tuesday, jumped 312 points.
The selling on Wednesday was broad-based, with losses in growth names and those tied to the economic recovery.

American Airlines and JetBlue led reopening plays lower, falling 4% each following a downgrade by Goldman Sachs. Goldman cited higher fuel prices and slower near-term demand.

Boeing lost 2% and General Electric fell 1%. Cruise lines were also lower with Carnival Corp. dipping more than 3%.

Tech shares were also taking hits with Facebook and Apple both lower by more than than 1%. Electronic Arts dropped 5% and Seagate Technologies fell 4.5%.

September’s ADP report showed that private companies hired at a faster clip than expected last month, despite worries about the delta variant. Private jobs rose by 568,000 for the month, better than the Dow Jones estimate from economists of 425,000.

Prices for 10-year Treasurys gained ground, lowering yields to 1.51% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.44 to $77.49 U.S. a barrel.

Gold prices gave up a dollar to $1,759.90 U.S. an ounce.