Canada's resource-heavy main stock index was pulled lower at the open on Wednesday by a drop in mining shares as prices of precious metals declined ahead of a fresh batch of U.S. economic data and minutes from the Federal Reserve's last meeting.
The TSX Composite plunged 132.61 points to open Wednesday’s session at 20,739.53.
The Canadian dollar sank 0.2 cents to 74.87 cents U.S.
TD Securities upgraded communications firm BCE's shares to "buy" from "hold". Shares in BCE grabbed 50 cents to $54.32.
ON BAYSTREET
The TSX Venture Exchange dipped 4.76 points to 548.99.
All but two of 12 subgroups lost ground at first Wednesday, with gold dulling in price 2.1%, while materials sank 1.7%, and health-care ailed 1.3%.
The two gainers proved to be energy, up 1.2%, and consumer staples advanced 0.1%.
ON WALLSTREET
Stocks fell for a second day Wednesday, after the NASDAQ Composite registered its worst daily decline in nearly three months.
The Dow Jones Industrials dwindled 207.57 points to begin Wednesday at 37,507.47.
The S&P 500 sank 29.22 points to 4,713.62.
The NASDAQ dropped 130.78 points to 14,635.16, dragged down by major technology stocks and a nearly 4% decline in Apple after Barclays downgraded the iPhone maker.
Apple shares dipped another 0.3% on Wednesday.
Fellow tech stalwarts and “Magnificent 7” members Nvidia, Tesla and Meta all declined Wednesday.
Prices for the 10-year Treasury dipped, raising yields to 4% from Tuesday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.99 to $72.37 U.S. a barrel.
Gold prices waned $29.50 to $2,043.90.
