Canada's stock index fell at open as oil prices declined and data showed the country’s annual inflation reading remained unchanged.
The TSX Composite gave up 73.51 at 19,921.27.
The Canadian dollar eased 0.13 cents to 75.18 cents U.S.
Loblaw surpassed Wall Street estimates for third-quarter revenue as the Canadian retailer credited robust demand for groceries and drugs despite higher prices. Shares in the grocery behemoth bounced $3.12, or 2.9%, to $110.37.
On the economic slate, Statistics Canada reported October’s consumer price index rose 6.9% on a year-over-year basis, matching the increase in September. On a seasonally adjusted monthly basis, the CPI increased 0.6% last month.
ON BAYSTREET
The TSX Venture Exchange dropped 4.52 points to 589.01.
Seven of the 12 TSX subgroups lost ground, with health-care weighing 1.6%, energy off 1.2%, and materials skidding 0.9%.
The five gainers were led by consumer staples, up 1.8%, consumer discretionary, up 1.2%, and the industrial sector headed north 0.9%.
ON WALLSTREET
The S&P 500 fell on Wednesday as investors weighed a gloomy holiday quarter update from Target that pressured retail stocks.
The Dow Jones Industrials gained 35.79 points to start Wednesday’s session at 33,628.71
The S&P 500 fell 21.27 points to 3,970.46
The NASDAQ faltered 154.42 points, or 1.4%, to 11,203.99.
The moves came after Target reported a decline in sales as families deal with high inflation heading into the biggest shopping season of the year for retailers. The warning weighed on stocks, sending Target down more than 15% and on pace for its worst day since May. Macy’s, Kohl’s, Nordstrom and Gap were also down big.
Raymond James analysts downgraded shares of Home Depot to market perform from outperform, foreseeing challenges next year for the housing sector. Target itself was down 15% shortly after the opening bell. Nordstrom suffered a 9% decline, while Macy’s and Gap each fell roughly 7%.
Lowe’s shares were higher, however by 3.8% after the company reported raised its full-year earnings forecast and reported strong results.
Walmart held onto a 1% gain after reporting strong results Tuesday. Costco fought its way into positive territory.
Prices for the 10-year Treasury fell hard, raising yields to 3.73% from Tuesday’s 3.98%. Treasury prices and yields move in opposite directions.
Oil prices docked $2.12 to $84.80 U.S. a barrel.
Gold prices inched up 30 cents to $1,777.10 U.S. an ounce.
