Canada's main stock index dipped on Wednesday ahead of a crucial interest rate decision from the U.S. Federal Reserve.
The S&P/TSX Composite slumped 30.17 points to greet noon Wednesday at 16,435.88
The Canadian dollar gained 0.06 cents to 76.11 cents U.S.
The largest percentage gainers on the TSX were Seven Generations Energy which jumped 92 cents, or 14.2%, to $7.38 after reporting second-quarter results.
Home Capital Group, which rose $1.64, or 7.2%, to $24.43, was among the top percentage gainers on the main index.
Overnight air cargo services Cargojet fell $2.77, or 2.9%, to $92.71, while Intact Financial, down $4.16, or 3.3%, after reporting quarterly results, to $121.29.
On the economic front, Statistics Canada reported that gross domestic product was up for a third consecutive month in May, rising 0.2%.
The increase was led by a rebound in manufacturing with 13 out of 20 industrial sectors expanding.
The agency’s industrial product price index was down 1.4% in June, driven primarily by lower prices for energy and petroleum products.
Its raw materials price index decreased 5.9% in the same month, mainly due to lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange reversed direction and squeezed ahead 0.96 points to 594.79
All but two of the 12 Toronto subgroups were negative midday, as gold staggered 2.2%, materials faded 1.3%, and industrials lost 0.4%..
The two gainers proved to be energy, ahead of Tuesday’s close by 1.7%, health-care, up 0.4%, and real-estate, up but 0.01%.
ON WALLSTREET
Stocks were little changed on Wednesday as Wall Street awaited the Federal Reserve’s latest monetary policy decision while digesting corporate earnings from Apple.
The Dow Jones Industrials gained 22.96 points – off its highs of the morning -- to 27,220.98
The S&P 500 tallied 3.23 points to 3,016.41. The NASDAQ added 18.9 points to 8,292.52
Apple reported Tuesday evening earnings per share and revenue for the previous quarter that topped analyst expectations, sending the stock up nearly 5% on Wednesday. The company also issued better-than-expected revenue guidance for the fourth quarter.
Nearly 60% of S&P 500 companies have reported earnings so far. Of those companies, 76% have posted stronger-than-forecast quarterly profits
The Fed is set to deliver its latest decision on monetary policy at 2 p.m. ET. Chair Jerome Powell is also scheduled to hold a news conference at 2:30 p.m. ET.
Traders were pricing in a 25 basis-point rate cut coming into the meeting. If the Fed cuts rates, it would be its first since the financial crisis more than 10 years ago.
A Fed cut would come amid mixed economic data. U.S. economic growth slowed down to 2.1% in the second quarter. However, that growth rate was better than expected.
Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 2.03% from Tuesday’s 2.06%. Treasury prices and yields move in opposite directions
Oil prices added 42 cents to $58.47 U.S. a barrel.
Gold prices faded $1.20 to $1,434.60 U.S. an ounce.
