Canada's main stock index recovered from 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 turned positive 39.99 points by midday to 20,273.83.
The Canadian dollar regained 0.08 cents at 73.69 cents U.S.
Transcontinental added 43 cents, or 3.8%, to $11.69, after the packaging company reported a rise in fourth-quarter adjusted profit per share.
Dollarama shed earlier gains and lost 37 cents to $98.71 after the discount store operator lifted its annual sales forecast.
ON BAYSTREET
The TSX Venture Exchange stepped back 3.37 points to 519.55.
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 higher Wednesday as investors await the Federal Reserve’s latest policy decision.
The Dow Jones Industrials inched forward 3.93 points to 36,581.87.
The S&P 500 edged up 3.38 points to 4,647.08.
The NASDAQ fought its way up 2.89 points to 14,536.29.
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 3% 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 4.15% from Tuesday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices recovered 91 cents to $69.52 U.S. a barrel.
Gold prices gathered four dollars to $1,996.30.
