Canada's main stock index was flat at the open on Wednesday as losses in technology and real estate shares offset rising energy stocks.
The TSX Composite gave up 23.46 points, to kick off Wednesday at 20,816.17.
The Canadian dollar edged up 0.01 cents at 74.99 cents U.S.
Among individual stocks to look out for, brokerage National Bank of Canada upgraded both Bank of Montreal and Canadian Imperial Bank of Commerce to "outperform" from "sector perform". National shares shed two cents to $100.95, while CIBC shares gained 50 cents to $62.62.
Separately, Barclays initiated coverage on fintech company Nuvei Corp with an "overweight" rating. Shares in Nuvei took on 30 cents to $34.29.
ON BAYSTREET
The TSX Venture Exchange gained 5.47 points, or 1%, to 539.99.
All but one of the 12 subgroups were lower in the first hour, with consumer discretionary and real-estate concerns down 0.5% each. while utilities slid 0.4%.
Only energy withstood the negative tide, gaining 1%.
ON WALLSTREET
The Dow Jones Industrial Average fell Wednesday as investors cashed in some profits following the market’s recent hot streak. Shares of FedEx, seen as a barometer for the economy, cratered following poor results.
The 30-stock index let go of 36.96 points to begin Wednesday at 37,520.96.
The S&P 500 eked up 2.03 points to 4,770.40.
The NASDAQ climbed 33.77 points to 15,036.99.
The S&P 500 has risen 4.4% this month and 24.2% year to date, while the Dow has added 4.5% this month and 13.3% year to date. The NASDAQ is up 5.5% for December and 43.4% for 2023, putting it on pace for its best year since 2020.
FedEx lost 11% after the package delivery giant posted a disappointing revenue outlook for the fiscal year. Results for its fiscal second quarter also fell short of Wall Street’s expectations on the top and bottom lines. The Dow Jones Transportation Average lost more than 1.5%.
Prices for the 10-year Treasury gained ground, lowering yields to 3.90% from Tuesday’s 3.93%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.11 to $75.05 U.S. a barrel.
Gold prices dulled $2.50 at $2,049.60.
