Markets in Canada’s biggest market fell on Wednesday as the financials and materials groups lost ground, while some losses for energy shares were pared as oil turned higher.
The S&P/TSX Composite stumbled 71.59 points, after Tuesday’s triple-digit rise, to greet noon Wednesday at 14,684.51
The decline follows the index's biggest gain on Tuesday since September. It has rallied 13% this year, but has been in a holding pattern since posting a 16-month high at 14,963.60 in October.
The Canadian dollar moved higher 0.21 cents to 74.57 cents U.S.
Financials pared some recent gains for a second straight day as yields on longer-dated bonds fell. Toronto-Dominion Bank fell 0.5% to $62.10, while the overall financials group was down 0.4%.
Suncor Energy fell 1.6% to $40.68, despite a decline in the energy group.
Grocery and pharmacy retailer Loblaw Cos reported a better-than-expected quarterly profit on Wednesday, as expenses fell and discounting attracted more shoppers.
Its shares rose 3.9% to $67.32.
On the economic slate, Statistics Canada reported that manufacturing sales in Canada rose for the fourth consecutive month, up 0.3% to $51.5 billion in September.
The agency says the gain reflected higher sales in the transportation equipment and fabricated metal industries.
ON BAYSTREET
The TSX Venture Exchange dipped into the red 0.38 points to 746.78
All but three of the 12 TSX subgroups remained negative by noon. Gold dipped 1.6%, materials were off 1.1%, while energy dropped off the pace 0.9%
The three gainers proved to be consumer staples, up 1.5%, health-care inched up 0.1%, and real-estate, which nosed up but 0.04%.
ON WALLSTREET
U.S. stocks traded mostly lower on Wednesday as a post-U.S. election rally slowed down while investors parsed through a host of economic data.
The Dow Jones Industrials stepped back 80.29 points from Tuesday’s all-time high to 18,842.77, on track to snap a seven-day winning streak, with Goldman Sachs contributing the most losses.
The S&P 500 faded 5.46 points at 2,174.93, with financials dropping about 1.5% to lead decliners.
The NASDAQ composite index moved higher 19.61 points to 5,295.43
The three major U.S. stock indexes have spiked more than 2% since Republican Donald Trump upset heavily-favoured Hillary Clinton to win the presidential election.
Experts are now saying market expectations for a December rate hike were more than 90%. Earlier on Wednesday, St. Louis Fed President James Bullard said he would be surprised if the central bank did not raise rates next month.
In economic news, the October read on the U.S. producer price index came in unchanged, versus an expected increase of 0.3%.
Industrial production for October was also unchanged.
Meanwhile, mortgage applications fell 9% amid the sharp increase in interest rates. Other reports released Wednesday included the Home Builders/Wells Fargo Housing Market index, which showed sentiment held steady.
Treasury prices for the 10-year note were higher, lowering yields to 2.22% from Tuesday’s 2.24%. Treasury prices and yields move in opposite directions
Oil prices skidded 19 cents to $45.62 U.S. a barrel
Gold prices remained positive $3.50 to $1,228.00 U.S. an ounce.
