Canada's main stock index fell on Wednesday as investors remained cautious ahead of minutes from the latest U.S. Federal Reserve policy meeting, while shares of Equinox Gold Corp climbed to the top of TSX on upbeat results.
The TSX ditched 55.73 points to break for lunch Wednesday at 20,196.91.
In the materials sector, Teck Resources submerged $1.78, or 3%, to $56.85, extending its losses after a profit miss.
Equinox Gold gained 45 cents, or 9.4%, to $5.23 after the gold miner beat fourth-quarter profit estimates, but posted a decline in earnings hurt by lower
production and higher operating costs amid inflationary pressures.
In other earnings-driven moves, Bausch + Lomb shed earlier gains and backed off six cents to $24.96 after the eye-care company beat quarterly profit estimates, but reported a decline in
earnings on higher interest expenses.
On the economic slate, Statistics Canada said new home prices in Canada declined 0.2% month over month in January. Prices were down or unchanged in 25 of the 27 census metropolitan areas surveyed and up in two.
Meanwhile, a Reuters poll showed that TSX will add to its rally this year and hit a record high in 2024 as the Bank of Canada turns less hawkish and China's reopening boosts demand for commodities but the upswing will be less than previously thought.
ON BAYSTREET
The TSX Venture Exchange dropped 8.83 points, or 1.4%, to 616.68.
The 12 subgroups were evenly stacked, with gold slumping 1.7%, energy 1.5% less energetic, and materials off 0.8%.
The half-dozen gainers were led by consumer staples, ahead 0.7%, consumer discretionary stocks, up 0.5%, and information technology, up 0.3%.
ON WALLSTREET
Stocks wavered on Wednesday as the market struggled to recover from its worst day of the year. Traders also braced for the Federal Reserve’s latest meeting minutes and more insight on the central bank’s future hiking agenda.
The Dow Jones Industrials was in the green 42.73 points to 33,172.32,
The S&P 500 poked ahead 2.6 points to 3,999.94.
The NASDAQ Composite inched up 9.81 to 11,502.11.
Walmart and Cisco Systems drove the losses on the Dow, falling more than 1% each. Shares of Palo Alto Networks popped 11.2% after the cybersecurity company lifted its earnings forecast for the year. Crypto exchange platform Coinbase topped revenue expectations, but shares fell 2%.
The Fed minutes are due at 2 p.m. ET. Investors will scour the results for insight into the central bank’s future rate hiking path and its recent 25-basis-point increase.
Prices for the 10-year Treasury gained, lowering yields to 3.91% from Tuesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices demurred $1.78 to $74.58 U.S. a barrel.
Gold prices notched higher 40 cents to $1,842.90 U.S. an ounce.
