Canada's main stock index opened marginally higher on Wednesday, helped by technology and utilities stocks, while investors awaited minutes of the Bank of Canada's policy meeting for cues on its interest rate path.
The TSX Composite shed 10.44 points to begin Wednesday at 20,947.30.
The Canadian dollar gained 0.12 cents at 74.24 cents U.S.
On the corporate side, automation solutions provider ATS Corp reported its third-quarter revenue above analysts' expectations. ATS shares collapsed $4.83, or 7.9%, to $54.30.
Federal Trade Minister Mary Ng said on Tuesday that the government aims to support miner First Quantum as the company deals with the fallout from the closure of its flagship copper mine in Panama. First Quantum docked a nickel to $12.47.
On the economic board, Statistics Canada reported in December, Canada's merchandise exports decreased 1.9%, while imports edged up 0.2%. As a result, Canada's merchandise trade balance went from a surplus of $1.1 billion in November to a deficit of $312 million in December.
ON BAYSTREET
The TSX Venture Exchange slid 1.5 points to 546.66.
Eight of the 12 subgroups were lower in the first hour, with health-care subtracting 0.6%, while real-estate and communications, each dipped 0.4%.
The four gainers were led by information technology, up 0.5%, while consumer staples forged ahead 0.4%, and consumer discretionary issues nicked up 0.1%.
ON WALLSTREET
The S&P 500 rose Wednesday and neared the 5,000 level as investors parsed through another slate of quarterly results and headed into the back half of the corporate earnings season.
The Dow Jones Industrial Average climbed 102.92 points to 38,624.28.
The S&P 500 index jumped 27.05 points to 4,981.28.
The NASDAQ index popped 100.61 points to 15,709.60.
Investors turned their attention to a fresh batch of quarterly results. Snap plunged more than 29% on a revenue miss and weak guidance, while automaker Ford gained nearly 4% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected full-year guidance.
Enphase Energy popped nearly 16% after the solar company said its inventory glut may be approaching a bottom. The broader solar sector rose in sympathy, with Solaredge Technologies surging 7%.
A strong earnings season, coupled with expectations for an interest rate cut by the Federal Reserve, has been a source of strength on Wall Street. Much of the earnings upside’s been driven by megacap technology and artificial intelligence-focused names, a phenomenon that’s also contributed to narrow market breadth.
Results are also expected from Walt Disney, PayPal and Arm Holdings after the bell.
Prices for the 10-year Treasury settled, raising yields 4.10% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices fell 29 cents to $73.60 U.S. a barrel.
Gold prices took on $5.50 to $2,056.90.
