Canada's main stock index opened lower on Wednesday, after domestic data showing the annual inflation rate accelerated in January raised fears of quicker interest rate hikes and as a dismal forecast by Shopify Inc dented sentiment.
The S&P/TSX Composite faltered 124.39 points to begin Wednesday at 21,378.16.
The Canadian dollar surged 0.25 cents at 78.84 cents U.S.
Shopify shares went sharply south, $196.59, or 17.4%, to $936.03.
Barrick Gold on Wednesday reported a 6% rise in fourth-quarter profit and announced a share repurchase of up to $1 billion. Barrick shares jumped $1.39, or 5.3%, to $27.72.
National Bank of Canada raised the target price on Cargojet to $203.00 from $201.00. Cargojet shares gained 29 cents to $184.98.
Jefferies raised the target price on First Quantum Minerals to $50.00 from $45.00. First Quantum shares collected 12 cents to $35.33.
RBC raised the target price on Neighbourly Pharmacy to $39.00 from $36.00. Neighbourly shares slumped 77 cents, or 2.6%, to $29.09.
On the economic slate, Statistics Canada reported that manufacturing sales rose 0.7% in December, mostly attributable to higher sales of plastic and rubber products, as well as motor vehicles.
Wholesale trade rose 0.6% in December to $76.2 billion. Manufacturing sales rose 0.7% in December, mostly attributable to higher sales of plastic and rubber products, as well as motor vehicles.
Gains in the automobile and automobile parts, machinery, equipment and supplies were largely offset by lower sales in a food, beverages and tobacco.
The agency also said its consumer price index rose 5.1% on a year-over-year basis in January 2022, up from a 4.8% gain in December 2021. On a seasonally-adjusted monthly basis, the CPI rose 0.6% in January 2022.
ON BAYSTREET
The TSX Venture Exchange docked 2.83 points to 868.84.
All but three of the 12 TSX subgroups moved backward in the first hour, with information technology stumbling 4.9%, health-care off 1.5%, and consumer staples down 1.1%.
The three gainers were energy, climbing 2.4%, gold, brighter 2.1%, and materials, up 1.5%.
ON WALLSTREET
U.S. stocks dipped Wednesday as traders assessed the Russia-Ukraine conflict and awaited the release of minutes from the Federal Reserve’s last meeting.
The 30-stock index swooned 224.79 points to 34,764.05.
The S&P 500 lost 36.17 points to 4,434.90.
The NASDAQ jettisoned 191.5 points to 13,948.25.
ViacomCBS was the biggest loser in the S&P 500 on Wednesday, with shares falling more than 19% after the company said it is re-branding itself as Paramount Global to focus on streaming. The company also reported lower-than-expected quarterly earnings.
Shares of Wynn Resorts dipped more than 3% after the casino operator beat on revenue, but posted a larger-than-expected loss per share.
Facebook parent Meta Platforms shares fell around 2% after the tech giant reportedly rolled out a new set of corporate values in its latest attempt to manage its demoralized employees.
Markets have been driven largely by concerns over the Russia-Ukraine conflict and the Federal Reserve’s plan to hike interest rates.
In the most recent geopolitical developments, NATO officials on Wednesday accused Russia of massing troops at the Ukrainian border.
On the data front, retail sales surged 3.8% in January, the Census Bureau reported Wednesday. Economists expected the report to show sales rose 2.1% in January after a 1.9% decline in December.
As inflation runs hot, Wall Street is looking ahead to the minutes from the Federal Reserve’s January meeting, which will be released Wednesday at 2 p.m. ET.
Prices for 10-year Treasurys eked up, lowering yields to 2.04%, from Tuesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.04 to $94.11 U.S. a barrel.
Gold prices progressed $8.20 to $1,864.40 U.S. an ounce.
