Canada's main stock index fell in broad-based declines on Wednesday, with industrials at the helm of the selling pressure ahead of the U.S. Federal Reserve's policy decision due later in the day.
The TSX Composite stumbled out of the gate, losing 9.25 points to 20,224.59.
The Canadian dollar regained 0.08 cents at 73.69 cents U.S.
Among stocks on which to focus, Transcontinental reported a rise in fourth-quarter adjusted profit per share. Transcontinental shares grabbed 38 cents, or 3.4%, to $11.64. VersaBank posted higher quarterly results, and its shares gained 87 cents, or 8%, to $$11.75.
Discount store operator Dollarama raised its annual sales forecast. Dollarama shares ducked 78 cents to $98.30.
ON BAYSTREET
The TSX Venture Exchange stepped back 0.81 points to 522.11.
The 12 subgroups were divided evenly, with real-estate gaining 0.3%, while energy and communications each up 0.2%.
The half-dozen laggards were weighed most by health-care, dropping 0.5%, while industrial and consumer discretionary stocks each lost 0.3%.
ON WALLSTREET
U.S. stocks were mostly flat Wednesday as investors await the Federal Reserve’s latest policy decision.
The Dow Jones Industrials trickled downward 9.73 points to 36,568.21.
The S&P 500 inched up 7.17 points to 4,650.87.
The NASDAQ picked up 47.96 points to 14,581.36.
Shares of Pfizer pulled back more than 9%, touching a 10-year low, after the company issued profit and revenue forecasts that were below Wall Street estimates. Tesla stock slipped roughly 1% following a recall of two million vehicles over regulator concerns tied to its Autopilot system.
The central bank is widely anticipated to hold the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range, but investors will also parse through Fed Chair Jerome Powell’s commentary for clues into how soon rate cuts can be expected. As it is, the CME FedWatch Tool shows markets are pricing in odds of rate cuts beginning next spring.
Investors are coming off a fourth straight positive session. Both the Dow and S&P 500 hit their highest intraday levels since January 2022. The NASDAQ Composite reached its highest level since April 2022.
Prices for the 10-year Treasury gained slightly, lowering yields to 4.17% from Tuesday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices recovered 47 cents to $69.08 U.S. a barrel.
Gold prices gathered $3.10 to $1,996.30.
