Canada's main stock index opened lower on Wednesday, with energy and technology stocks leading declines ahead of keenly awaited U.S. inflation data and the outcome of midterm elections.
The TSX Composite dumped 142.5 points to kick off the mid-week session at 19,517.81.
The Canadian dollar gained 0.33 cents to 74.45 cents U.S.
On the earnings front, telecom giant Rogers Communications reported an increase in quarterly revenue, benefiting from higher roaming charges due to a rebound in international travel and customers opting for pricier plans.
Shares in the cable behemoth docked four cents to $56.80.
Canopy Growth reported a smaller second-quarter core loss, helped by higher sales and cost-cutting measures.
Shares in the cannabis concern were galvanized 47 cents, or 11.1%, to $4.71.
ON BAYSTREET
The TSX Venture Exchange gave back 11.19 points, or 1.9%, to 591.19
All but three of the 12 TSX subgroups began the session in the red, with energy tailing off 2.3%, information technology decreasing 2.1%, and financials poorer 0.9%.
The three gainers were health-care, ahead 1.6%, consumer staples, nicking up 0.3%, and gold, inching ahead 0.02%.
ON WALLSTREET
Stocks were lower on Wednesday — following recent market gains — as results of the mid-term elections provided no clear answers about who would control Congress yet.
The Dow Jones Industrials subtracted 106.26 points, to open Wednesday at 33,054.57.
The S&P 500 retreated 11.94 points to 3,816.17
The NASDAQ plunged 58.96 points to 10,557.24.
Shares of Facebook parent Meta Platforms rose 3% pre-market after the social media giant announced it will be laying off more than 11,000 workers. CEO Mark Zuckerberg said he was too optimistic about growth and now needs to streamline the company.
One stock that weighed on futures was Disney, which fell more than 8% in early trading after the entertainment giant missed estimates on the top and bottom lines for its fiscal fourth quarter.
Stocks are coming off three straight days of gains into the election, where Wall Street was expecting Republicans to gain ground and block any future tax and spending plans.
But control of Congress was not clear. Media reports were not yet projecting control of the House of Representatives with one estimate suggesting Republicans could win 220 seats, which would be a narrow majority.
In one of the key races that could determine Senate control, Democrat John Fetterman defeated Republican Mehmet Oz for the pivotal
Senate seat in Pennsylvania, according to one projection. Oz had the backing of former President Donald Trump, whose endorsed candidates saw spotty levels of success across the country.
Critical Senate races in Georgia and Nevada were unresolved.
Prices for the 10-year Treasury made slight gains, lowering yields to 4.13% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices swooned $1.49 to $87.42 U.S. a barrel.
Gold prices hiked $2.50 to $1,718.50 U.S. an ounce.
